DTN Closing Livestock Comment 07/11 17:28

DTN Closing Livestock Comment 07/11 17:28 Aggressive Price Gains Develop Late Tuesday in Cattle Futures Despite narrow losses early in the session, commercial buyers flooded the market through the last half of the trading session. This renewed buyer support saw gains of $1 to $1.40 per cwt in live cattle futures following the lead of feeder cattle markets, which posted a $2- to $2.50-per-cwt rally in light activity. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle markets remain inactive Tuesday afternoon with bids and asking prices still poorly defined and generally hard to pin down in any area. The overall lack of direction comes not only following the turnaround in futures, but also from the overall fundamental weakness that traders are much less willing to overlook. This could keep trade from developing until late in the week, although bids and asking prices are likely to be seen sometime Wednesday. According to the closing report, the national hog base is $0.36 higher compared with the Prior Day settlement ($82-$88.50) weighted average $86.87. The corn futures moved mixed in light activity. July futures were 1/2 cent higher Tuesday. The Dow Jones Index is 9 points higher with the Nasdaq up 16 points.