DTN Closing Livestock Comment 09/23 16:01

DTN Closing Livestock Comment 09/23 16:01 Cattle Futures Closed Mixed Thanks to Dramatic Late-Session Short-Covering After struggling with triple-digit losses for most of the session, live and feeder futures settled on a mixed basis, thanks to a strong late-session rally. Lean hog contracts closed moderately lower for the most part, checked by negative fundamentals and a lack of buying interest. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following Changes: Oct LC, Up $2.87; Dec LC, up $1.45; Sep FC, Up $2.60; Oct FC, Up $1.10, Oct LH, Off $5.22, Dec LH, Off $5.02. The cash cattle trade was limited to light-to-moderate business in parts of the North with prices ranging from $166 to $168, $2 to $4 lower than last week. While some reluctant buying interest surfaced Friday morning, feedlot managers raised asking prices once futures staged an aggressive late-session rally. Note that further trade volume could develop late this afternoon if buyers and sellers can agree upon price. According to the closing report, the national hog base is $0.39 lower compared with the Prior Day settlement ($47.00-$52.50, weighted average $50.88). Corn futures closed fractionally lower, down 1/4 in the December and down 1/2 in the March.