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DTN Closing Livestock Comment 02/20 16:09
   Nearby Lean Hog Futures Plunge Again

   Pressure quickly developed again in lean hog trade Wednesday with the April
futures contract holding a $3.55-per-cwt loss in expanded trading limits. This
further weakened the already bearish market as traders continued to liquidate
positions during February.

By Rick Kment
DTN Analyst



   GENERAL COMMENTS: Nearby hog futures saw sharp triple-digit losses
Wednesday, while steady buying slowly developed in live cattle trade. By the
end of the session, nearby lean hog futures had set new contract lows, while
live cattle futures posted contract highs. Cash cattle remained sluggish with
only a few cattle sold in Texas at $125 per cwt. A wide gap exists between
asking prices and bids, as both sides seem to be in no hurry. Bids through most
of the country were seen at $123 live and $198 dressed, well below the $128
live and $205 and higher dressed asking prices. It may be Friday before active
trade develops in all areas. The National Daily Direct afternoon hog report was
$0.28 lower ($44-$49, weighted average $47.90) on 8,217 head sold. Corn futures
were higher in light activity with March up 1 cent per bushel. The Dow Jones
Index was 63 points higher with the Nasdaq up 2 points.
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