DTN Closing Livestock Comment 07/12 16:53

DTN Closing Livestock Comment 07/12 16:53 Cattle Futures Surge, Posting Limit Gains Aggressive limit gains have quickly developed across the live cattle and feeder cattle market, with traders focusing on increased buyer interest. Cash cattle trade started to develop Wednesday afternoon with prices steady to $2 higher from last week's levels, creating market firmness, which has not been seen in several weeks. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade started to develop in all areas Wednesday afternoon with light movement seen in the North and South. Trade was seen at $120 per cwt live basis and $188 to $190 per cwt dressed basis. This is steady to $2 per cwt higher than last weeks price levels. The Fed Cattle Exchange Auction listed a total of 2,655 head: 1,907 head listed as sold, 525 head listed as PO and 233 head listed as unsold. The individual state breakdown looks like this: KS 266 head total, 266 head sold with a price range of $117.75-$118.00; NE 1,703 head total, 1,240 head sold with a price range of $117.25-$118.75, 240 head listed as PO ($117.75, and 223 head listed as unsold; TX 471 head total with a price range of $117.00-$118.00, 150 head listed as PO ($117.75); CO 135 head total, all of which were listed as PO ($117.00); IA 80 head total, all 80 head listed as sold at $118.00. The weighted averages are as listed: 1-9 day delivery 667 head $117.80; 1-17 day delivery 580 head, $118.45; 17-30 day delivery 660 head, $117.34. According to the closing report, the national hog base is $0.02 lower compared with the Prior Day settlement ($82.00-$88.50) weighted average $86.86. The corn futures moved lower in light activity. July futures were 16 cents lower Wednesday. The Dow Jones Index is 123 points higher with the Nasdaq up 67 points.