DTN Closing Livestock Comment 12/26 16:00

DTN Closing Livestock Comment 12/26 16:00 Post-Christmas Support Pushes Cattle Futures Higher Moderate to strong gains developed in the last half of Tuesday's session, as traders returned from the long holiday weekend and focused on growing support in both live cattle and feeder cattle futures. Hog futures remained under pressure with active losses developing in nearby contract months. Rick Kment DTN Analyst GENERAL COMMENTS: Limited trade activity is expected through most of the week between the Christmas and New Year's holidays. But that did not stop buyers from stepping back into the cattle complex despite the morning price pressure following the Cattle on Feed report last week. Strong triple-digit gains developed in most live cattle futures and deferred feeder cattle contracts in the last two hours of trade. Hog futures moved in the opposite direction as the cattle market during the Tuesday trading session with strong losses seen in spring 2024 contract months with the concern that still strong supply levels will continue to be a drag on the market and limit overall demand growth through the first half of 2024. Hog prices closed lower on the Daily Direct Afternoon hog report, down $1.21 with a weighted average of $46.55 on 4,640 hogs. March corn closed up 7 1/4 at $4.803 and March soybean meal closed up $4.80 at $395.9. The Dow Jones Industrial Average is up 159.36 at 37,545.33.