DTN Closing Livestock Comment 09/24 15:47

DTN Closing Livestock Comment 09/24 15:47 Cattle Futures Close Mixed Tuesday The strong momentum seen in cattle trade Monday failed to redevelop Tuesday as futures traded narrowly mixed. Hog futures, on the other hand, regained momentum on trade hopes. By Rick Kment DTN Analyst GENERAL COMMENTS: Hog futures continued to find willing buyers Tuesday with nearby trade focusing on the potential for China buying support. Although no official news of pork trade has yet been seen, traders anticipate additional sales to China will help stimulate market support. Cattle trade remained stuck in a narrow range Tuesday on a combination of follow-through buying and limited position-taking following Monday's rally. Cash cattle markets remain quiet with bids unavailable Tuesday afternoon. This is not unexpected, as most bids may be delayed until sometime Wednesday or later. Asking prices have slowly developed through the day with cattle initially priced at $104 to $105 per cwt live basis in the South and $170 dressed in the North. Feedlot managers seem to remain comfortable elevating asking prices given the recent support in futures trade and tighter supplies from last week's Cattle on Feed report. But the uncertainty about how many cattle packers need to fill early October needs could keep cash markets delayed until late in the week. The National Daily Direct afternoon hog report was $1.29 higher ($39-$48, weighted average $45.88) with total volume reported at 22,934 head. Corn prices continued higher Monday despite limited activity with December closing up 1 1/2 cents. Stock markets are lower, giving back initial gains despite light trade. The Dow closed 154 points lower with the NASDAQ down 112 points.