DTN Closing Livestock Comment 12/28 16:08

DTN Closing Livestock Comment 12/28 16:08 Cattle Futures Rally in Late-Day Trade Strong buyer support quickly moved into cattle markets Wednesday despite still remaining lightly traded during the holiday-shortened week. Pressure seen in lean hog futures continues to add overall softness to the complex as traders remain uncertain of buyer support through the end of the year. By Rick Kment DTN Analyst GENERAL COMMENTS: Cash cattle sold on the Fed Cattle Exchange Auction Wednesday totaled 4,786 head, with 4,464 actually sold. The state-by-state breakdown looks like this: KS 150 head at $116.00-$116.25; NE 3,973 head at $115.00-$116.50; TX 267 head at $116.75; CO no test; IA no test; other states 74 head at $114.50 in South Dakota. The weighted average was $115.38, up from last week's weighted average of $112.68. Feedlot trade remained at a standstill with bids still undeveloped and asking prices trickling in through the end of the day, yet not fully established. The few cattle that are priced are set at $118 and higher in the South. According to the closing report, the national hog base is $0.16 higher compared with the Prior Day settlement ($44.50-$52.75, weighted average $51.88). The corn trade backed away from early week gains. March futures posted a 6.75-cent loss Wednesday. The Dow Jones Index is 88 points lower with the Nasdaq down 43 points in very light holiday trade activity.