DTN Closing Livestock Comment 02/12 16:28

DTN Closing Livestock Comment 02/12 16:28 Cattle Futures Close Troubled Week With Further Declines While the cattle complex tried to rally in the early going, late selling based on bearish fundamentals and technical concerns caused live and feeder issues to close moderately lower. On the other hand, lean hog futures settled mixed with nearbys gaining on deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light-to-moderate trading was reported in parts of Colorado Friday with fed steers and heifers marked at $130.00, generally $2.00 lower than last week. But, for the most part, country activity was very quiet in the wake of Thursday's activity. The Iowa hog base closed $0.02 lower compared with the Prior Day settlement ($52.00-$65.00, weighted average $63.30). From Friday to Friday livestock futures scored the following changes: Feb LC, off $6.10; Apr LC, off $5.28; Mar FC, off $3.80; May FC, off $4.23, Feb LH, up $1.15 Apr LH, up $0.07. Corn futures closed about a penny lower in very light trade volume. Selling was tied to slow exports and decent prospects for South American production. The stock market finally bounced higher right before the weekend, supported by sharply higher oil prices and oversold conditions. The Dow closed 313 points higher with the Nasdaq better by 70.