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DTN Closing Livestock Comment 01/23 15:47
   Lean Hog Futures Plunge to New Contract Lows

   Triple-digit losses dominated meat futures on Friday, pressured by
aggressive long-liquidation and technical selling. Many live and feeder
contracts closed limit-down.

By John Harrington
DTN Livestock Analyst


   From Friday to Friday livestock futures scored the following changes: Feb
LC, Off 4.10, Apr LC, Off 4.15; Jan FC, Off .40; Mar FC, Off 3.03; Feb LH, Off
5.20: Apr LH, Off 7.02. The cash cattle trade was limited to scattered dressed
business in parts of the North. For the most part cattle buyers remained on the
defensive, apparently content to exit the week short on cattle but nervous
regarding beef demand. According to the closing report, the Iowa hog base
closed $0.06 lower compared with the Prior Day settlement ($68.00-$69.50,
weighted average $69.04). Corn futures closed modestly higher, up 3 in the
March, up 3 1/4 in the May and up 3 1/2 in the July.
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