DTN Closing Livestock Comment 10/04 15:22

DTN Closing Livestock Comment 10/04 15:22 Early Cattle Market Support Evaporates in Late Day Trade Cattle futures held moderate to strong gains early in the trading session Wednesday, although the lack of follow through buyer interest quickly pulled prices mostly lower at closing bell. Lean hog futures remained mixed in choppy trade patterns through the end of the session with increased focus being placed on late week market shifts and cash market direction. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade is undeveloped in feedlot country Wednesday, although bids have been evident through much of the day. Bids have redeveloped in both the south with live bids seen at $106 per cwt in several areas, while dressed bids in Nebraska are seen at $168 per cwt. Asking prices are not fully defined, but remain around $110 to $112 live basis and $174 and higher dressed basis. Activity on the morning trade of the Fed Cattle Exchange Auction posted a total of 1,732 head, the FCE has sold 705 steers and heifers: 1-9 Day Delivery: 1,109 head total, 705 head sold, weighted average price $ 108.01; 1-17 Day Delivery: 501 head total, 79 head sold, weighted average price $ 108.00; 17-30 Day Delivery: 122 head total, no sales. According to the closing report, the national hog base is $1.30 higher compared with the Prior Day settlement ($46.00-$52.75) weighted average $50.97. The corn futures moved lower in light activity. December futures were 1 cent lower Tuesday. The Dow Jones Index is 25 points higher with the Nasdaq up 2 points.