DTN Closing Livestock Comment 09/06 15:35

DTN Closing Livestock Comment 09/06 15:35 Commercial Buying Pushed Feeder Cattle Futures Higher Triple-digit gains developed in feeder cattle futures late Wednesday with traders focused on rebounding from early week pressure. Cattle markets are drawing spillover support from the hog complex as well as potential stability developing in beef values through September. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade remained generally quiet Wednesday afternoon with just a few early bids in Kansas at $103. These bids firmed slightly from earlier in the day, but are well below asking prices, so are getting very little interest. Packers are likely to become much more aggressive Thursday, but we may not see trade until Friday. Asking prices are still hard to pin down, but expected to be around $107 to $108 live basis, and $168 to $170 dressed. The Fed Cattle Exchange Auction report Wednesday listed a total of 1,240 head, with 125 actually sold (with the weighted average price of $163.00), 1,016 head listed as unsold, and 99 head listed as PO. The state by state breakdown looks like this: Kansas 442 total head, with 0 head sold, 343 head unsold, 99 head listed as PO ($103.25); Nebraska 221 total head, with 0 head sold, 221 head unsold, and 0 head listed as PO; Texas 412 total head, with 0 head sold, 412 head unsold, and 0 head listed as PO; Colorado no cattle reported in this area; Iowa no cattle reported in this area; other states (South Dakota, Missouri) 165 total head, with 125 head sold (South Dakota) at $163.00, 40 head unsold, and 0 head listed as PO. The delivery date/weighted averages breakdown is as listed: 1-9 day delivery: 680 head total (live), no sales; 1-17 day delivery 174 head total (live), no sales; 1-17 day delivery 346 head total (dressed), 125 head sold, with a weighted average price of $163.00; 1-17 day delivery 40 head total (Holsteins), no sales. According to the closing report, the national hog base is $1.15 lower compared with the Prior Day settlement ($56.50-$64.00) weighted average $60.78. Corn futures moved higher in light activity. September futures were 2 cents higher Tuesday. The Dow Jones Index is 56 points higher with the Nasdaq up 17 points.