DTN Closing Livestock Comment 02/27 15:34

DTN Closing Livestock Comment 02/27 15:34 Mixed Trade Leaves Livestock Markets Directionless Wednesday Wednesday's livestock trade could be characterized as "support that almost was." Live cattle futures tested long-term support with April reaching its $130.10 resistance level, but unable to push through that level. By Rick Kment DTN Analyst GENERAL COMMENTS: Livestock futures saw narrow moves at the end of trade Wednesday as traders tested market direction. Live cattle futures hit long-term resistance at $130.10 per cwt, but pulled back on limited buyer support. Meanwhile, nearby lean hog futures held recent support on firm commercial interest. Cash cattle activity was sluggish again Wednesday with asking prices holding at $130 and higher live basis and $205 to $206 dressed. A few scattered bids developed through the day, but there is still a wide gap that needs to be closed before any business gets done. Bids Wednesday were offered at $125 live and $202 dressed. The National Daily Direct afternoon hog report was $0.04 higher ($42.50-$46, weighted average of $45.27) on 20,620 head sold. Corn futures were lower in light activity with March down 2 cents per bushel. The Dow Jones Index was 72 points lower with the Nasdaq up 2 points.