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DTN Closing Livestock Comment 03/22 17:29
   Uncertainty Sweeps Through Hog Trade

   Hog futures showed their first signs of uncertainty Friday morning as
traders pulled back from limit gains in summer trade. Trading stabilized late
in the session, resulting in a mixed close.

By Rick Kment
DTN Analyst

   GENERAL COMMENTS: Livestock futures traded in a wide range Friday. Lean hogs
futures moved from early limit gains to aggressive losses through the morning,
but stability returned Friday afternoon and prices settled mixed at closing
bell. Cattle markets were also affected by the volatility in lean hogs. From
Friday to Friday, livestock futures scored the following changes: Apr LC up
$0.63; Jun LC up $1.58; Mar FC up $1.68; Apr FC up $1.88; Apr LH up $9.53; May
LH up $9.13. Cash cattle trade started to slowly develop Friday with trade
extending into late afternoon and potentially Friday evening. The cash trade
that has developed so far is seen at $128 to $129 live basis, which is $1 to $2
per cwt higher than last week. Dressed trade developed at $208 through the
north, which is $4 per cwt higher than week-ago levels. The National Daily
Direct afternoon hog report was $3.29 higher ($56-$71.50, weighted average
$66.44) on 6,234 head sold. Corn futures were higher in light activity with May
up 2 cents per bushel. The Dow Jones Index is 460 points lower with the Nasdaq
down 196 points.
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