DTN Closing Livestock Comment 02/07 15:25

DTN Closing Livestock Comment 02/07 15:25 Light Buyer Support Develops in Deferred Cattle Futures Renewed buyer activity was seen across the cattle complex early in the session Wednesday. Although buyer interest slowly faded in nearby contract months, the focus on increased market activity may help to bring additional stability to the complex. Hog trade remained extremely weak with triple-digit losses flooding into the market Wednesday. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade is still undeveloped, although a few additional bids have surfaced midweek. But the two sides are no closer together than they were earlier in the week with bids restated at $124 live basis in both the North and South, while dressed bids in the North are seen at $196-to-$198 per cwt. Asking prices for live cattle remain at $129-to-$130 per cwt, while it is still hard to pin down dressed asking prices at this point. Active trade is likely to be delayed until sometime late Thursday or Friday. The Fed Cattle Exchange Auction Wednesday listed a total of 892 head, with 148 actually sold, 744 head listed as unsold, and 0 head listed as PO (Passed Offer). The state by state breakdown looks like this: KS 65 total head, with 0 head sold, 65 head unsold, 0 head listed as PO; NE 558 total head, with 0 head sold, 558 head unsold, and 0 head listed as PO; TX 269 total head, with 148 head sold at $126.00, 121 head unsold, and 0 head listed as PO; 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: 892 head total, 148 head sold, with a weighted average price of $126.00; 1-17 day delivery -- no cattle reported; 10-17 day delivery -- no cattle reported; 17-30 day delivery -- no cattle reported. According to the closing report, the national hog base is $1.45 per cwt lower with an average price of $71.15 per cwt (trading range: $62.00-to-$72.79).The corn futures are higher in light activity. March futures were 1 cent higher Wednesday. The Dow Jones Index is 229 points higher with the Nasdaq down 8 points.