DTN Closing Livestock Comment 08/22 15:34

DTN Closing Livestock Comment 08/22 15:34 Sharp Losses Develop at Midweek Limited activity Wednesday through the entire complex. This may add some additional uncertainty through the end of the week. Trade is focused on the ability to spark additional buying in lean hog markets through the end of the week. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade is still sluggish despite light action in Nebraska at $109 to $109.50 live and $173 dressed. This is generally steady to weak compared to last week. Bids still on the table are from $109 to $109.50 per cwt on a live basis, while dressed bids are $171 to $173 per cwt. Asking prices are $112 to $113 live and $178 dressed. Trade seen Wednesday is likely due to basis opportunities given the aggressive pressure in futures trade. Most trade is likely to be delayed until sometime Thursday or more likely Friday. The Fed Cattle Exchange Auction Wednesday listed a total of 359 head all from Kansas, with 280 actually sold at $109.50; 0 head were listed as unsold; and 79 head were listed as PO (Passed Offer). All cattle listed were set for a 1 to 9 day delivery. According to the closing report, the national hog base is $0.91 lower compared with the Prior Day settlement ($36.00-$40.00) weighted average $38.42. Corn futures are lower in light activity. September futures were 7 cents lower Wednesday. Dow Jones Index is 72 points lower with Nasdaq up 22 points.