DTN Closing Livestock Comment 03/21 15:18

DTN Closing Livestock Comment 03/21 15:18 Strong Pressure Redevelops in Cattle Futures Live cattle and feeder cattle futures both saw triple-digit losses Wednesday, which allowed defensive cash cattle trade to redevelop. Hog markets remained sluggish in a narrowly mixed trading range. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade developed across the North on Wednesday afternoon with prices at $126 live and $203 dressed. Even though prices are generally $2 per cwt lower than last week, they remain stable with the limited trade seen in the North Tuesday. The sharp losses in futures trade have weakened any resolve of feedlot managers. Some clean-up trade is likely to develop through the end of the week, but the tone of the market is likely set. The Fed Cattle Exchange Auction on Wednesday listed a total of 166 head, with 166 actually sold, zero head listed as unsold and zero head listed as PO (Passed Offer). The state-by-state breakdown looks like this: KS 166 total head, with 166 head sold at $125.00-$126.00, zero head unsold, zero head listed as PO; NE -- no cattle reported; TX -- no cattle reported; CO -- no cattle reported; IA -- no cattle reported; other states (OK, SD, MN) -- no cattle reported. The delivery date/weighted averages breakdown is as listed: 1-9 day delivery: 166 head total, 166 head sold, with a weighted average price of $125.63; 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 $0.51 lower compared with the prior day settlement ($51-$56, weighted average $55.04). Corn futures are higher in light activity. May futures were 1/2 cent higher Wednesday. The Dow Jones Index is 77 points higher with the Nasdaq up 2 points.