DTN Closing Livestock Comment 02/21 16:39
Hog Futures Rally on Trade Hopes
Renewed hopes for a trade deal with China that could include significant
U.S. pork exports boosted hog futures Thursday. Cattle markets remained
sluggish with most traders watching from afar most of the session.
By Rick Kment
GENERAL COMMENTS: Lean hog futures quickly and aggressively led the
livestock market higher as traders focused on short-covering following early
week pressure as well as hopes that exports will improve on a China trade deal.
Cattle markets were mixed in limited activity. Cash cattle markets were quiet
Thursday with both sides apparently waiting until Friday. This added some
additional apprehension, as trade may be delayed until after Friday's Cattle on
Feed report. Bids have remained at $123 live and $198 dressed, still below
asking prices of $128 live and $205 to $207 dressed. The National Daily Direct
afternoon hog report was $1.53 lower ($44-$47.85, weighted average $46.37) on
6,233 head sold. Corn futures were higher in light activity with the March up 4
cents per bushel. The Dow Jones Index was 101 points lower with the Nasdaq down
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