DTN Closing Livestock Comment 02/03 15:36
3 Feb 2022
DTN Closing Livestock Comment 02/03 15:36 Livestock Markets Lower at the Close After a fifth-straight session pursuing fresh highs, the live cattle, feeder cattle and lean hog futures markets succumbed to profit-taking at Thursday's close. Elaine Kub Contributing Analyst GENERAL COMMENTS: Cash cattle prices are $3 to $4 stronger this week and cattle futures have given an extended reaction to this week's Cattle Inventory data about the drought-diminished herd size, but even a fundamentally supported rally can't go on indefinitely. There was enough selling pressure to set futures contracts lightly lower at Thursday's close and this carried over to lean hogs as well. On the National Direct Afternoon Hog Report, prices were up $1.80 with a weighted average of $62.11 on 1,104 head. March corn is down 5 3/4 cents per bushel to $6.16 3/4 and March soybean meal is up $2.00 per ton to $437.10. The Dow Jones Industrial Average closed down 519 points and the NASDAQ closed down 639 points.