DTN Closing Livestock Comment 11/15 15:27

DTN Closing Livestock Comment 11/15 15:27 Livestock futures Stabilize Late Wednesday Buyer support stepped back into the livestock complex Wednesday afternoon with firm gains quickly developing in both live cattle and feeder cattle markets. Cash cattle trade has continued to develop with prices steady with trade earlier in the week, but well under last week's price levels. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade developed Wednesday in all areas with live Southern trade being light to moderate through the day, with prices pegged at $119 per cwt. This is fully steady with the light trade seen late Tuesday, but $3 to $4 per cwt lower than last week's price levels. Northern trade was extremely light, but developed at $188 to $190 per cwt. A $2 to $4 per cwt reduction from last week's levels. Additional trade is expected to be seen later in the week, especially in the North. But the tone of the market and price levels may have been set by the business done over the last couple of days. The Fed Cattle Exchange Auction report on Wednesday listed a total of 969 head, with 617 actually sold, 285 head listed as unsold, and 67 head listed as PO (Passed Offer). The state by state breakdown looks like this: KS 237 total head, with 237 head sold at $119.00-$119.25, 0 head unsold, 0 head listed as PO; NE 543 total head, with 258 head sold at $119.25, 285 head unsold, and 0 head listed as PO; TX 189 total head, with 122 head sold at $119.25, 0 head unsold, and 67 head listed as PO ($118.00); CO - no cattle reported; IA - no cattle reported; other states - no cattle reported. The delivery date/weighted averages breakdown is as listed: 1-9 day delivery: 549 head total, 359 head sold, with a weighted average price of $119.21; 1-17 day delivery 420 head total, 258 head sold, with a weighted average price of $119.25; 10-17 day delivery - no cattle reported; 17-30 day delivery - no cattle reported. According to the closing report, the national hog base is $0.55 lower compared with the Prior Day settlement ($53.00-$58.75) weighted average $58.09. The corn futures moved higher in light activity. December futures were 3/4 cent higher Tuesday. The Dow Jones Index is 107 points lower with the Nasdaq down 18 points.