DTN Closing Livestock Comment 01/23 16:18
Live Cattle Futures Follow Feeder Cattle Rally
Livestock trade saw wide swings Wednesday as strong gains in the cattle
market and weaker hog trade offset early week market shifts. Volatility is
likely to continue.
By Rick Kment
DTN Analyst
GENERAL COMMENTS: The livestock trade saw wide swings early Wednesday.
Renewed buyer support moved into the cattle trade, while market uncertainty
continued to pressure hog trade. Triple-digit gains in feeder cattle futures
were offset by similar losses in nearby lean hog futures. Cash cattle activity
remains sluggish with just a few starter bids developing Wednesday at $122 per
cwt in Kansas on a live basis, while limited dressed bids of $196 are seen in
Nebraska. Asking prices are becoming more available at $126 and higher live and
$200 dressed. Active trade is expected to be seen later in the week,
potentially as late as Friday afternoon. According to the closing report, the
national hog base is $0.40 higher ($48-$53.50, weighted average $52.49). Corn
futures are mixed in light activity. March futures were 1/4 cent lower. Dow
Jones Index is 171 points higher with Nasdaq up 5 points.
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