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DTN Closing Livestock Comment 02/14 15:46
   Hog Futures Erode in Light Trade

   Hog futures were under pressure again Thursday, leading to the evaporation
of early week gains.

By Rick Kment
DTN Analyst

   GENERAL COMMENTS: Strong pressure developed again in the lean hog trade
Thursday with April and June futures losing $1 per cwt. Although short-term
support levels of $78.42 per cwt are still holding, the erosion of early week
gains is leaving the complex in a vulnerable position. Cattle futures closed
higher in late-day buying as initial market pressure was not strong enough to
hold off buyer interest that was based on expected cash market support. Limited
cash bids continued to be seen Thursday. Most trade activity will likely be
delayed until sometime Friday. Bids have redeveloped at $122 live in Texas, and
$198 to $200 dressed. Asking prices continue to hold near $126 to $127 live and
$203 to $205 dressed, as feedlot managers continue to look for steady-to-higher
cash trade at the end of the week. The National Daily Direct afternoon hog
report was $0.35 higher ($45-$49.50, weighted average $48.60) on 10,748 head
sold. Corn futures were lower in light activity with the March contract down 4
cents. The Dow Jones Index was 48 points lower with Nasdaq up 18 points.
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