DTN Closing Livestock Comment 11/29 15:58

DTN Closing Livestock Comment 11/29 15:58 Cattle Futures Regain Support in Late Day Trade Cattle markets shifted lower through midday as traders slowly but steadily moved out of the complex. Late day buying redeveloped in nearby live cattle and feeder cattle futures, which helped markets close firmly higher as the support is redeveloped across the market. Lean hog futures remained lower as traders focused on late month positioning. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade remains undeveloped midweek in feedlot country with a few bids developing through the morning at $117-to-$118 live basis and $188 dressed. Asking prices are becoming more defined through the week with cattle priced at $121 and higher live and $192-to-$195 dressed. The Fed Cattle Exchange Auction report Wednesday listed a total of 967 head, with 0 actually sold, 750 head listed as unsold, and 217 head listed as PO (Passed Offer). The state by state breakdown looks like this: KS 223 total head, with 0 head sold, 118 head unsold, 105 head listed as PO ($118.00); NE 507 total head, with 0 head sold, 507 head unsold, and 0 head listed as PO; TX 237 total head, with 0 head sold, 125 head unsold, and 112 head listed as PO ($117.00); 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: 865 head total, 0 head sold; 1-17 day delivery -- no cattle reported; 10-17 day delivery -- no cattle reported; 17-30 day delivery 102 head total, 0 head sold. According to the closing report, the national hog base is $0.73 higher compared with the Prior Day settlement ($52.00-$60.00) weighted average $58.81. The corn futures moved higher in light activity. December futures were 2 3/4 cents higher Wednesday. The Dow Jones Index is 103 points higher with the Nasdaq down 88 points.