DTN Closing Livestock Comment 01/11 16:55

DTN Closing Livestock Comment 01/11 16:55 Light Erosion Develops in Cattle Futures Midweek Nearby and deferred contracts slowly eroded through the complex Wednesday as traders continued to focus on squaring positions after early week aggressive gains. The lack of support in the cattle market continued despite a midday attempt to stabilize market prices. By Rick Kment DTN Analyst GENERAL COMMENTS: Cash cattle activity was limited to trade seen on the Fed Cattle Exchange Auction report Wednesday, which listed a total of 5,841 head, with 4,046 actually sold. The state-by-state breakdown looks like this: KS 366 head at $119.00-$120.00; NE 3,201 head at $118.00-$120.00; TX 479 head, at $119.50-$120.00; CO no test; IA no test; other states no test. The weighted average was $119.16, up from last week's weighted average of $116.77. Feedlot trade remained at a standstill with a few bids developing, but still creating a wide gap between bids and asking prices. According to the closing report, the national hog base is $1.64 higher compared with the Prior Day settlement ($54.00-$63.00, weighted average $60.32). The corn trade slipped lower in light activity, but bounced back from session lows as traders focus on the upcoming USDA reports Thursday. March futures posted a 1-cent loss Wednesday. The Dow Jones Index is 98 points higher with the Nasdaq up 11 points.