DTN Closing Livestock Comment 04/04 15:33

DTN Closing Livestock Comment 04/04 15:33 Strong Gains Develop in Livestock Futures Despite early losses, buyer support was rekindled through the last couple hours of trade Wednesday. This pushed cattle and hog futures to triple-digit gains and is creating increased volatility through the entire livestock complex. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle activity quickly came to a halt Wednesday afternoon following a few cattle selling in Nebraska on a live basis at $117 per cwt. These prices are generally steady with Tuesday's trade, but $4 per cwt under last week. Additional bids developed early at $185 to $188 dressed basis, and $116 live basis. The support in futures trade has caused both sides to go back to the drawing board, which may push active trade to the end of the week. The Fed Cattle Exchange Auction Wednesday listed a total of 373 head, with 156 actually sold, 121 head listed as unsold, and 96 head listed as PO (Passed Offer). The state by state breakdown looks like this: Kansas 252 total head, with 156 head sold at $117.00, 0 head unsold, 96 head listed as PO ($116.00); Nebraska no cattle reported; Texas 121 total head, with 0 head sold, 121 head unsold, and 0 head listed as PO; Colorado no cattle reported; Iowa no cattle reported; other states (Oklahoma, South Dakota, Minnesota) no cattle reported. The delivery date/weighted averages breakdown is as listed: 1-9 day delivery: 373 head total, 156 head sold, with a weighted average price of $117.00; 1-17 day delivery: no cattle reported; 10-17 day delivery: no cattle reported; 17-30 day delivery: no cattle reported. According to the closing report, the national hog base is 0.64 lower compared with the Prior Day settlement ($43.00-$47.00) weighted average $45.20. The corn futures are lower in light activity. May futures were 7 cents lower Wednesday. The Dow Jones Index is 230 points higher with the Nasdaq up 100 points.