DTN Closing Livestock Comment 06/28 16:16

DTN Closing Livestock Comment 06/28 16:16 Cattle Futures Surge Higher in Late-Day Trade Strong late-day gains developed across cattle futures. This, following recent market pressure, created widespread volatility over the last two trading sessions. Uncertainty abounds through the entire complex as traders head into the end of the week with the majority of cash cattle yet to trade. Hog futures firmed at the end of Wednesday on strength in pork values. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade started to develop in feedlot country late Wednesday morning with a few deals in the North; dressed bids of $190 to $191 per cwt. There were a few live bids at $117. Generally, asking prices should become more focused Thursday as traders concentrate on ending the month and getting ready for the upcoming holiday weekend. The Fed Cattle Exchange Auction report Wednesday listed a total of 2,554 head, with 480 actually sold, 1,868 head listed as unsold, and 206 head listed as PO. The state-by-state breakdown looks like this: Kansas 384 total head, with 100 head sold at $119.00, 159 head unsold and 125 head PO ($119.50); Nebraska 1,428 total head, with 160 head sold at $120.00, and 1,268 head unsold; Texas 536 total head, with 220 head sold at $119.75, and 316 head unsold; Colorado 81 total head, all listed as PO ($117.00); Iowa 125 total head, all unsold; other states, no test. The weighted averages were: 1-9 day delivery 320 head, with a weighted average of $119.51; 1-17 day delivery 160 head, with a weighted average of $120.00. According to the closing report, the national hog base is $0.22 lower compared with the Prior Day settlement ($81.00-$87.50) weighted average $85.59. Corn futures moved lower Wednesday in light activity. July futures were 2 cents lower. The Dow Jones Index is 143 points higher with the Nasdaq up 87 points.