DTN Closing Livestock Comment 01/29 15:44

DTN Closing Livestock Comment 01/29 15:44 Livestock Traders Shoot for Stability Tuesday Livestock markets stabilized Tuesday with futures prices mixed to higher across the complex. Follow-through support trickled into live cattle trade, resulting in new contract highs. By Rick Kment DTN Analyst GENERAL COMMENTS: Light support trickled into several nearby lean hog futures contracts Tuesday, ending the aggressive market liquidation seen over the last week. April and May contracts ended 10 to 20 cents per cwt higher. Stability returned to the rest of the livestock market, as well, with cattle futures firming in all but nearby feeder cattle trade. Increased buyer support pushed live cattle futures to new contract highs. Activity in cash cattle markets was limited to a few asking prices scattered through the bitterly cold Midwest. Asking prices have just been seen in the North at this point with live cattle priced at $125 and higher, while dressed cattle are holding asking prices of $200 to $203 per cwt. Bids are undeveloped, and will likely remain that way over the next day or so. Active trade is not expected until the tail end of the week. National Daily Direct afternoon hog report is $0.09 higher ($47.25-$52, weighted average of $51.44) on 8,663 head sold. Corn futures were lower in light activity with March futures down 2 1/2 cents. Dow Jones Index is 36 points higher with the Nasdaq down 57 points.