DTN Closing Livestock Comment 03/15 15:46
Hogs Close Wild Week With Limit-Up Gains
The entire livestock futures sector posted gains Friday, with the most
dramatic bullishness coming from the lean hog market's ongoing African swine
fever concerns. Hogs were up $3.000 (limit-up).
By Elaine Kub
DTN Contributing Analyst
GENERAL COMMENTS: From Friday to Friday, livestock futures scored the
following changes: Apr LC off $0.58; Jun LC up $0.97; Mar FC off $2.60; Apr FC
off $0.77; Apr LH up $8.25; May LH up $8.98. The week's light-to-moderate cash
cattle trade developed Wednesday and Thursday with Southern live deals ranging
from $126 to $127, generally $1 lower than last week's weighted averages.
Northern dressed business ranged from $203 to $205, also $1 lower than last
week's weighted averages. According to the closing report, the national hog
base is $1.08 higher ($46-$54, weighted average $51.52). That's $6.72 higher
than week-ago numbers, so the hog rally is both a futures and cash market
phenomenon. Corn futures (and all grain and oilseed contracts) closed higher
Friday amid speculative short-covering, with the May contract netting a weekly
gain of 18 1/2 cents. The stock market closed modestly higher, up 14 points
Friday in the S&P 500 and netting gains of 2.9% for the week.
For more free DTN information sent right to your email each morning - click here
to sign up for DTN Snapshot.