DTN Closing Livestock Comment 04/11 15:29

DTN Closing Livestock Comment 04/11 15:29 Lean Hog Futures Rise Following US Pork Sales to China Reports of large sales of U.S. pork to China on Thursday morning sparked sharp gains in all lean hog futures, although the momentum eased later in the day. Cattle futures firmed on spillover support and limited activity. By Rick Kment DTN Analyst GENERAL COMMENTS: Sales of U.S. pork to China was the focus of the livestock trade's attention Thursday, allowing traders to focus on long-term market direction and confirm previous market support. Cattle futures posted light-to-moderate gains, although limited trade activity and a lack of new market information seemed to slowly limit gains later in the session. Cash cattle activity remained undeveloped Thursday. Light-to-moderate trade in the South on Wednesday has set the tone of the market and could keep additional Southern trade from developing through the rest of the week. Trade still needs to be done in the North with wide price gaps holding between asking prices and bids. Current bids remain at $124 to $126 live and $203 to $204 dressed. Asking prices are holding at $128 and higher live and $207 dressed. The National Daily Direct afternoon hog report was $1.38 lower ($67-$77, weighted average $74.82) on 4,906 head sold. Corn futures were lower in light-to-moderate trade with May falling 1 3/4 cents per bushel. The Dow Jones Index was 40 points lower with Nasdaq down 23 points.