DTN Closing Livestock Comment 08/17 15:17

DTN Closing Livestock Comment 08/17 15:17 Weaker Cattle Markets Limit Trader Expectations Moderate-to-strong losses developed through the cattle complex Wednesday afternoon as early attempts to draw buyers back into the market were quickly squashed. The lean hog futures surged higher as traders continue to react to price moves seen the previous session. By Rick Kment DTN Analyst GENERAL COMMENTS: Cash cattle markets remained generally quiet once again Wednesday, although a few sales started to develop in the North as prices ranged from $185 to $187. But the lion's share of business is holding out until Thursday or Friday, and may be late Friday following the USDA Cattle on Feed report. Bids in the North were seen as high as $187 dressed basis and $117 to $118 live basis, with cattle priced around $120-$122 in the South and $190-$192 in the North. According to the closing report, the national hog base is $0.36 higher compared with the Prior Day settlement ($55.00-$65.50, weighted average $63.33). Corn futures bounced moderately higher, although trade activity remained sluggish through the entire session. September futures posted gains of 2 3/4 cents per bushel. Stocks pushed slightly higher late in the day Wednesday, following narrow trading ranges with very little market direction. The Dow closed 21 points higher with the Nasdaq up 1.