DTN Closing Livestock Comment 01/08 15:39

DTN Closing Livestock Comment 01/08 15:39 Feeder Cattle Futures Balk at Lofty Grain Prices The steepest losses in the livestock sector Friday were noted in feeder cattle futures, down $0.60 to $0.875 at the close of the session, but the weekly chart movement was more neutral for live cattle and lean hogs. Elaine Kub Contributing Analyst GENERAL COMMENTS: The feeder cattle futures market fell as collateral damage this week, looking at the big gains in the feed markets: corn futures prices up 12 cents and soybean meal up $10.40 for the week. Actual demand for animals in the countryside remains strong, however, and this is true for fed cattle, as well. Cash cattle prices were either steady with last week ($112 traded Thursday for live trade in the South) or generally steady to $1 higher (mostly $176 to $177 for Northern dressed deals). Remaining business Friday is looking at firm asking prices around $114 in the South and $180 in the North. Lean hog futures calendar spreads widened with the nearby contracts trading lower and the late 2021 contracts seeing some higher prices. Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.29 with a weighted average of $54.94 on 6,195 head. March corn closed up 2 1/4 cents per bushel at $4.96 1/4 and January soybean meal closed up $6.80 per ton at $444.80. The Dow Jones Industrial Average is up 56.84 points and NASDAQ is up 165.63 points.