DTN Closing Livestock Comment 02/28 15:43
Livestock Prices Still Haven't Hit Bottom
Early trade Friday gave glimmers of hope that active selling had slowed. But
this was short lived as live cattle markets nearly hit limit losses at the
closing bell. Hog futures faired the best of livestock trade, but still pushed
prices firmly lower.
By Rick Kment
Cattle futures trade resembled a game of "whack-a-mole" Friday as short
bursts of buying posted gains. But this was followed by a firm beat down as
sharp losses developed in most contracts at the closing bell. The narrative has
not changed through the week, with the focus on potential coronavirus impact to
domestic and global economies and buying habits heavily affecting livestock
trade. Hog prices are higher on the National Direct Afternoon Hog Report, up
$0.25 with a weighted average of $50.59. May corn is up 1/4 cent per bushel and
May soybean meal is up $2. The Dow Jones Industrial Average is down 797.94
points and NASDAQ is down 153.62 points.
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