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DTN Closing Livestock Comment 01/16 16:41

16 Jan 2019
DTN Closing Livestock Comment 01/16 16:41 Live Cattle Futures Rebound Late Wednesday The lean hog and feeder cattle markets were under strong pressure most of Wednesday. Some additional weakness resulted from traders focusing on renewed grain market support. By Rick Kment DTN Analyst GENERAL COMMENTS: Sharp losses in lean hog futures stole the thunder from livestock markets Wednesday with nearby lean hog futures down over $2 per hundredweight. Despite sluggish movement in cattle trade, late-day buying pushed nearby contracts to new highs once again. Cash cattle trade remains quiet with just a few bids developing at $197 dressed basis. Activity should improve over the next couple of days with asking prices holding at current levels. According to the closing report, the national hog base is $0.26 higher ($46-$53, weighted average $51.70). Corn futures were higher in light activity with the March contract closing 2 cents higher. The Dow Jones Index closed 141 points higher with the Nasdaq up 10 points.