DTN Closing Livestock Comment 04/03 15:33

DTN Closing Livestock Comment 04/03 15:33 Hog Rally Continues Wednesday Hog futures continued to rally Wednesday as traders anticipate progress on a trade deal with China. By Rick Kment DTN Analyst GENERAL COMMENTS: Lean hog May through December futures posted gains of $2 to $4.40 per cwt Wednesday on anticipation of a China trade deal. Cattle markets eroded as technical pressure combined with expected cash and wholesale beef weakness. Light cash cattle trade started to develop Wednesday in Texas and Kansas at $124 per cwt, generally $1 lower than last week. A few cattle are reported sold in Iowa at $205 per cwt, but the majority of Northern trade is still holding onto bids of $203 to $204 per cwt. Asking prices still remain near $127 and higher live and $207 to $208 dressed. Additional trade is likely to be seen in all areas through the rest of the week. The National Daily Direct afternoon hog report was $0.61 higher ($67-$78.50, weighted average $75.89) on 10,041 head sold. Corn futures were higher in light-to-moderate trade with May up 1 1/2 cents per bushel. The Dow Jones Index was 27 points higher with the Nasdaq up 41 points.