DTN Closing Livestock Comment 06/14 15:30

DTN Closing Livestock Comment 06/14 15:30 Live Cattle Futures Post Sharp Losses Midweek Limit losses quickly developed Wednesday as aggressive liquidation was seen in live cattle and feeder cattle markets. Triple-digit losses were seen through the entire trading session as markets continue to grapple with the concern of market uncertainty and seasonal market moves. Hog markets remained lightly traded with mixed prices limiting overall direction. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle markets are quiet Wednesday afternoon following light trade that started to develop Tuesday. The sharp tumble lower in futures trade caused packers to quickly back away from early bids that started to develop earlier in the morning. This may continue to be the cash through much of the week as any aggressiveness seen in the market appears to have been washed away by the sharp market pressure over the last several days. Bids are now seen at $128 per cwt live basis and $208 dressed. Asking prices are at $132 in the South and $213 through the North. Following two weeks of technical difficulties and delays with a new website design, the Fed Cattle Exchange Auction has decided to switch sales back to their previous system. Sales will resume next week Wednesday. According to the closing report, the national hog base is $2.17 higher compared with the Prior Day settlement ($78.00-$84.50) weighted average $81.99. The corn futures moved lower in light activity. July futures were 4 cents lower Wednesday. The Dow Jones Index is 20 points down with the Nasdaq down 60 points. `