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DTN Closing Livestock Comment 02/21 15:26
   Cattle Futures Tumble Lower Wednesday

   Strong losses developed Wednesday in feeder and live cattle contracts. This
added even more weakness to the entire complex and caused some uncertainty
about short- and long-term direction of the cattle and beef markets.

By Rick Kment
DTN Analyst


   Cash cattle trade has started with a slow trickle in the North and South on
a live basis. Prices are reported at $128 per cwt, a $2 decrease from week-ago
levels. Although it is likely most trade will wait until later in the week, the
sharp futures price dip during Wednesday's session seemed to break at least a
small number of cattle loose. The Fed Cattle Exchange Auction today listed 218
head, with 0 actually sold, 127 head listed as unsold, and 91 head listed as PO
(Passed Offer). The state-by-state breakdown looks like this: Kansas 218 total
head, with 0 head sold, 127 head unsold, 91 head listed as PO ($126.25);
Nebraska no cattle reported; Texas no cattle reported; Colorado no cattle
reported; Iowa no cattle reported; other states no cattle reported. The
delivery date/weighted averages breakdown is: 1-9 day delivery 218 head total,
0 head sold; 1-17 day delivery no cattle reported; 10-17 day delivery no cattle
reported; 17-30 day delivery no cattle reported. According to the closing
report, the national hog base is $0.37 lower compared with the Prior Day
settlement ($57.00-$64.25) weighted average $63.92. The corn futures are higher
in light activity. March futures were 3/4 cent higher Wednesday. The Dow Jones
Index is 61 points higher with the Nasdaq up 49 points.
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