DTN Closing Livestock Comment 10/02 15:46

DTN Closing Livestock Comment 10/02 15:46 Limited Trade Leaves Markets Mixed Mixed activity was seen late Tuesday as buyers slowly trickled into the market following early morning pressure. Narrow trading ranges in most contracts left the market directionless, but allowed for previous firm market support to hold. By Rick Kment DTN Analyst GENERAL COMMENTS: For all practical purposes, cash cattle market activity remains at a standstill. The report of limited cattle selling in Iowa at $112 per hundredweight (cwt) Tuesday is not expected to set a trend given the amount of cattle and timing in the market. Most bids are undeveloped at this time, although it is expected that when packers roll out initial bids, price levels will be seen from $108 to $109 live basis, just for a starting point. Asking prices are starting to slowly develop in the south with a few cattle priced at $115 per cwt. Most likely, the majority of trade will be pushed off until Thursday or Friday. According to the closing report, the national hog base is $0.53 higher compared with the Prior Day settlement ($58.50-$64.25, weighted average $63.24). Corn futures were higher in light activity with December futures closing 1 1/2 cent higher. The Dow Jones Index is 159 points higher with the Nasdaq down 2 points.