DTN Closing Livestock Comment 03/30 16:48

DTN Closing Livestock Comment 03/30 16:48 Cattle Futures Cash Tied to Aggressive Long Liquidation The cattle complex imploded at midweek with most live and feeder contracts stumbling to seven-week lows. Triple-digit selling was also evident in the lean hog market thanks to profit-taking and spillover bearishness. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light trade volume surfaced in parts of the Northern tier of cattle feeding country. A few dressed sales were marked $214-$216, $2-$4 lower than last week's weighted average basis Nebraska. Sharply lower futures seemed to generally discourage the articulation of either bids or asking prices. According to the closing report, the Iowa hog base is $0.19 higher compared with the Prior Day settlement ($54.00-$64.00, weighted average $63.26). Corn futures slipped 5-6 cents lower, pressured weakness in the wheat trade and positioning ahead of Thursday's Stocks and Perspective Plantings reports. The stock market closed higher as equities extended Tuesday afternoon's gains following Fed Chair Yellen's cautious stance on the path of tightening. The Dow settled 83 points higher with the Nasdaq positive by 23.