DTN Closing Livestock Comment 02/05 15:52

DTN Closing Livestock Comment 02/05 15:52 Cattle Futures Crash Late, Pressured By Profit-Taking and Outside Markets The cattle complex closed sharply lower on Friday with triple-digit losses dominating the feeder market. Lean hog contracts closed on a mixed basis with nearbys generally losing ground to deferreds. By John Harrington DTN Senior Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following Changes: Feb LC, Up $0.75; Apr LC, Up $0.40; Mar FC, Off $3.43; May FC, Off $3.62, Feb LH, Off $1.00 Apr LH, Off $0.40. Besides a few scattered dressed sales in parts of the North, the cash cattle trade remains very slow at this time as feedlots managers continue to resist packer bids. A light test in Nebraska and Iowa has been reported at $210 on a dressed basis, about steady with last week. Yet, the broader market is not likely to be established until late this afternoon. Asking prices are around $140 to $142 in the South and $215-plus in the North. According to the closing report, the Iowa hog base is $0.13 higher compared with the Prior Day settlement ($60.75-$63.25, weighted average $62.41). Corn futures closed down 2 3/4 cents in the March and July contracts.