DTN Closing Livestock Comment 03/04 15:54

DTN Closing Livestock Comment 03/04 15:54 Meat Futures Close Choppy Week With Moderate Gains The cattle complex closed solidly higher, supported by late-week short-covering and outside markets. Lean hog futures settled moderately higher thanks to pre-weekend profit taking and technical buying. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following Changes: Apr LC, Off $0.65; Jun LC, Up $0.52; Mar FC, Off $0.15; May FC, Off $0.23, Apr LH, Off $0.05 May LH, Up $0.40. Despite the fact that packers had not purchased any cattle early in the week, today's country trade remains limited at this time. Some dressed deals in parts of the North have been marked at $214, generally $2 higher basis Iowa. Yet many northern feedlots continued to pass bids of $114, holding for $118 or better. Similarly, the cash market in the South has not been tested with bids and asking prices separated by as much as $3 to $5. According to the closing report, the Iowa hog base is $0.40 lower compared with the Prior Day settlement ($58.00-$64.50, weighted average $62.85). Corn futures closed up 1 3/4 cents in the May and up 2 1/4 cents in the December.