DTN Closing Livestock Comment 06/07 16:13

DTN Closing Livestock Comment 06/07 16:13 Live Cattle Futures Bounced Higher Wednesday Buying redeveloped in live cattle futures Wednesday as traders focused on long-term support and fundamental strength in the market. This helped nearby live cattle futures hold $1 per cwt gains following a strong market push lower the day before. Lean hog futures remain mixed in sluggish and narrow trade, despite extremely strong fundamentals. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade was nonexistent on the Fed Cattle Exchange and in feedlot markets. The Fed Cattle Exchange auction has been postponed until Thursday at 10 a.m. Feedlot trade is undeveloped with bids becoming more active through the day. Live bids are $134 while dressed bids ranged from $216 to $220 per cwt. Asking prices are $140 to $142 per cwt live basis and $220 and higher dressed basis. Trade could potentially be a Friday-focused affair. According to the closing report, the national hog base is $0.41 higher compared with the Prior Day settlement ($72.00-$78.00) weighted average $76.30. Corn futures moved higher in light activity. July futures were 7 cents higher Wednesday. The Dow Jones Index is 50 points higher with the Nasdaq up 24 points.