DTN Closing Livestock Comment 02/07 17:26

DTN Closing Livestock Comment 02/07 17:26 Hog Futures Struggle Thursday April lean hog futures saw sharp losses Thursday. The contract broke through support levels, closing below $60 per cwt for the first time in six months. By Rick Kment DTN Analyst GENERAL COMMENTS: Lean hog futures saw sharp losses Thursday on bearish market concerns. The prospect of plentiful supplies of hogs available to the market has continued to limit trader interest. Meanwhile, cattle trade stabilized Thursday following uncertainty in early activity. Light support developed in feeder cattle based on pressure in the grain complex. Cash cattle markets remain undeveloped with limited packer interest Thursday. A few bids have surfaced through the day in most areas with prices offered at $121 live and $196 dressed. Given the stability of cattle markets and futures prices, feeders are unwilling to give these bids much attention. Asking prices are holding at $126 to $127 per cwt live and $200 to $203 dressed. The National Daily Direct afternoon hog report was $0.23 lower ($45-$50.25, weighted average of $49.52) on 5,102 head sold. Corn futures were lower in light activity with the March contract down 3 1/2 cents. The Dow Jones Index was 220 points lower with the Nasdaq down 86 points.