DTN Closing Livestock Comment 01/16 15:26

DTN Closing Livestock Comment 01/16 15:26 Cattle Futures Advance Higher Tuesday Positive moves developed in all cattle futures Tuesday following the long holiday weekend. The momentum over the last week based on firming beef values and renewed technical support helped to sustain nearby gains in live cattle and feeder cattle contracts. Hog futures slipped lower Tuesday in limited trade activity. Rick Kment DTN Analyst GENERAL COMMENTS: Livestock futures remained mixed as traders returned from the extended holiday weekend. Renewed buyer support developed in all cattle markets, as spot month February live cattle futures set the tone for the higher moving markets. Moderate to firm gains developed in all feeder cattle futures while the most aggressive support in live cattle prices developed in February and April contract months. The combination between increased beef values, firming expectations of higher cash cattle trade through the end of January and building technical support helped to steadily draw buyers back into the market Tuesday. Lean hog futures slipped lower for the second consecutive trading session. This move is not enough to create concern of a widespread selling trend developing, but traders are looking for additional confirmation from meat values as the week continues. Hog prices closed higher on the Daily Direct Afternoon hog report, up $0.94 with a weighted average of $45.9 on 4,720 hogs. March corn closed down 3 1/2 at $4.435 and March soybean meal closed up $9.00 at $371.1. The Dow Jones Industrial Average is down 231.86 at 37,361.12.