DTN Closing Livestock Comment 01/09 15:56

DTN Closing Livestock Comment 01/09 15:56 Late Day Buying Stabilized Livestock Trade Buyers stepped back into the market late in the day Tuesday, which helped to draw cattle futures off session lows as more focus is returning to the fundamental market activity seen during early January. The early week development of cash cattle trade is causing some market stability. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade continues to develop through the afternoon Tuesday with prices at $120 per cwt live basis in all areas and $192 per cwt dressed. These prices are generally stable with price levels that quickly developed Monday, but remain $1-to-$1.50 per cwt lower than last week on a live basis, and as much as $3 per cwt lower for dressed trade. Some additional cattle are likely to be sold through the rest of the week, but without a significant shift in futures prices are likely to remain in the current market range. According to the closing report, the national hog base is $1.72 higher compared with the Prior Day settlement ($60.00-to-$69.50) weighted average $67.26. The corn futures moved higher in light activity. March futures were 1 3/4 cent higher Tuesday. The Dow Jones Index is 136 points higher with the Nasdaq up 18 points.