DTN Closing Livestock Comment 03/02 16:17

DTN Closing Livestock Comment 03/02 16:17 Cattle Future Close Defensive Week With Further Losses The cattle complex closed significantly lower Friday, pressured by further long liquidation and technical selling. On the other hand, lean hog contracts settled on a mixed basis thanks to a combination of follow through selling and late week short-covering. By John Harrington DTN Livestock Analyst GENERAL COMMENTS The cash cattle market was very quiet Friday with buyers and sellers generally content with the level of business transacted on Wednesday. Some cleanup buying interest was evident in parts of the North, but volume did not amount to much. The National hog base closed off $0.05 compared with the Prior Day settlement ($56.00-to-$63.00, weighted average $62.29). From Friday to Friday, livestock futures scored the following changes: Apr LC off $2.68; Jun LC off $2.40; Mar FC off $2.33; May FC off $2.85; Apr LH off $3.80; May LH off $2.95. Corn futures closed about a penny lower thanks to late profit-taking at the conclusion of a bullish week. Nearby corn futures rallied more than a dime through the week, supported by worsening news of drought in Argentina. The stock market closed on a mixed basis with the Dow off 70 and the NASDAQ up 77.