DTN Closing Livestock Comment 06/27 16:08

DTN Closing Livestock Comment 06/27 16:08 Sharp Losses Redevelop in Cattle Tuesday Pressure swept through cattle futures Tuesday, leaving traders with unsettled concerns after limit gains pushed prices higher earlier in the week. The volatility seen during the first two day sof this week may lead to even more market uncertainty through the end of the week as traders close out the month of June and second quarter. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade was undeveloped late Tuesday afternoon, following aggressive losses in futures and concern that additional widespread pressure may continue to develop the rest of the week. A few scattered bids were noted in Iowa at $119, but asking prices remain undeveloped in all areas. Active trade may not be seen until after midweek. The Federal Cattle Exchange Auction will trade Wednesday morning. This will give the first indication of cash market activity for the week. It is uncertain just how much volume will be seen before the holiday week. Recent futures pressure may limit sales volume. According to the closing report, the national hog base is $0.03 lower compared with the Prior Day settlement ($81.00-$87.00) weighted average $85.75. Corn futures moved higher in light activity. July futures were 1/4 cent higher Tuesday. The Dow Jones Index is 66 points down with the Nasdaq down 90 points.