DTN Closing Livestock Comment 04/09 15:47

DTN Closing Livestock Comment 04/09 15:47 Hog Futures Close Limit Lower Hog futures saw sharp losses Tuesday with most contracts down the $3-per-hundredweight limit at closing bell. This may spark increased liquidation at midweek. By Rick Kment DTN Analyst GENERAL COMMENTS: Lean hog futures were down sharply Tuesday with most contract months posting limit losses. The previous support seen in hog prices may continue to erode, although the market has seen extremely wide trading ranges over last few weeks. Cattle markets were inactive with prices mixed in a narrow-to-moderate range. Cash markets were quiet with a few token bids developing through the day. Bids of $124 live in the South and $203 dressed in the North were seen, but it is uncertain just how aggressive these bids will be this early in the week. Asking prices are generally undefined at this point, although a few asking prices are seen at $124 to $125 live basis. Trade will likely hold off until later in the week. The National Daily Direct afternoon hog report was $0.12 higher ($67.50-$78, weighted average $75.51) on 12,450 head sold. Corn futures were steady in light-to-moderate trade with May unchanged. The Dow Jones Index was 190 points lower with Nasdaq down 44 points.