DTN Closing Livestock Comment 06/08 15:59

DTN Closing Livestock Comment 06/08 15:59 Cash Cattle Trade Started to Develop Across the North Light cash cattle trade developed in the North Thursday afternoon. There is expected to be additional strong activity seen through the rest of the week with narrowly mixed live cattle futures leaving markets unsettled going into Friday's session. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle were slow to develop in feedlot trade with light trade developing in the North. Trade was seen at $220 to $221 per cwt dressed basis. This is as much as $4 per cwt higher than last week. Live bids are seen at $135 to $136 per cwt, but no trade has been reported at this point. Asking prices are reported at $140 and higher in live basis and $220 and higher dressed. The Fed Cattle Exchange Auction report Thursday listed a total of 1,396 head, with 334 actually sold, and 607 head listed as unsold, and 455 head listed as PO. The state-by-state breakdown looks like this: KS 577 total head, with 210 head sold at $137.00; NE 315 total head, with 124 head sold at $136.50; TX 455 total head, with zero head sold, 455 head listed as PO; CO no test; IA no test; other states (Oklahoma) 49 total head all unsold. The average price (spot market) is $136.75, compared with last week's average price of $132.17. According to the closing report, the national hog base is $0.23 higher compared with the Prior Day settlement ($72-$79) weighted average $76.53. The corn futures moved higher in light activity. July futures were 1 cent higher Thursday. The Dow Jones Index is 8 points higher with the Nasdaq up 24 points.