DTN Closing Livestock Comment 03/18 16:20

DTN Closing Livestock Comment 03/18 16:20 Cattle Futures Tumble Lower Late Friday Sharp triple-digit losses quickly developed in both live cattle and feeder cattle futures late Friday. Cash cattle trade developed through the afternoon Friday with prices seen $1 to $2 per cwt higher in the South as nearly $3 per cwt higher in the North. By Rick Kment DTN Analyst GENERAL COMMENTS: Cash cattle trade developed late Friday following the cattle on feed report release with light-to-moderate trade seen in both the North and South. Even though numbers seen so far are not expected to be large, it is likely enough to set the tone of the market. Trade in the North is seen mostly at $223, nearly $3 higher from last week, while live business in the South is reported at $139 to $140 per cwt. This is $1 to $2 per cwt higher than last week. Cattle on feed report numbers are likely to be viewed as moderately bearish given that moderate placements increased 10% from last year, and nearly 2% over expectations, while overall cattle on feed numbers are 1% over year ago numbers. According to the closing report, the Iowa hog base is $1.29 lower compared with the Prior Day settlement ($54.00-$62.00, weighted average $61.06). The corn market closed lower, down 1 1/2 cent in the May and down 1 1/4 cent in the December.