DTN Closing Livestock Comment 04/02 16:08

DTN Closing Livestock Comment 04/02 16:08 Lean Hog Futures Post Sharp Gains Tuesday Lean hog futures posted sharp gains Tuesday. Even though nothing official has been announced in the U.S.-China trade talks, traders continue to look for increased buying activity from China. By Rick Kment DTN Analyst GENERAL COMMENTS: Lean hog futures rose sharply Tuesday with limit gains seen in May and June contracts. Because of this, expanded trade limits will be in place Wednesday, allowing for potential additional support. Meanwhile, the feeder cattle market was under pressure late Tuesday. Cash cattle activity remained at a standstill Tuesday afternoon. Although this is not a shock to most market watchers, the lack of early week bids and asking prices following the midweek trade last week seems to indicate that both sides may be willing to wait out the other side. Both offers and asking prices are expected to develop over the next couple of days in all areas. The National Daily Direct afternoon hog report was $0.14 lower ($67-$77, weighted average $75.14) on 5,820 head sold. Corn futures were mixed in light-to-moderate trade with May down 1/4 cent. The Dow Jones Index was 79 points lower with the Nasdaq up 19 points.