DTN Closing Livestock Comment 12/16 16:23

DTN Closing Livestock Comment 12/16 16:23 Cattle Futures Close Bullish Week With Triple-Digit Gains The cattle complex closed sharply higher with many contracts finishing at the highest level seen since late summer. Lean hog futures also closed with impressive strength, supported by bull-spreading and technical-buying. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Although the cash trade took its own sweet time in developing, short-bought packers eventually had to reach toward higher asking prices in order to cover short-term slaughter needs. Light-to-moderate business is now evident in parts of the South at $112.00, generally $2.00 higher than last week. Dressed business appears to be developing late in the North at $175.00, close to $5.00 higher than last week's weighted average basis Nebraska. The national hog base closed $0.13 higher compared with the Prior Day settlement ($45.00-$54.50, weighted average $53.23). From Friday to Friday, livestock futures scored the following changes: Dec LC, Up $3.60; Feb LC, Up $4.83; Jan FC, Up $3.95; Mar FC, Up $3.80; Feb LH, Up $3.15; Apr LH, Up $2.35. The corn market closed fractionally mixed in light trade volume. The stock market settled slightly lower off 8 points on the Dow and 19 point lower on the Nasdaq.