DTN Closing Livestock Comment 04/16 15:29

DTN Closing Livestock Comment 04/16 15:29 Buyers Sweep Into Cattle Futures Cattle futures saw strong gains Tuesday as early market apathy quickly sparked buyer interest. Live cattle and feeder cattle futures shifted $1 per cwt higher in several nearby contract months. By Rick Kment DTN Analyst GENERAL COMMENTS: Buyer support steadily moved into cattle markets Tuesday, leading to firm gains in live cattle and feeder cattle futures. Lean hog trade was mixed with moderate pressure in nearby contracts offset by triple-digit gains in deferred contracts. Cash cattle activity remained quiet with bids still undeveloped and likely to remain that way until Wednesday or later. A few asking prices have started to trickle in with live cattle priced at $130 per cwt, while $208 seems to be the desired dressed prices. Although most trade is expected to be pushed to Thursday or Friday, trade on Wednesdays has become common over the last few weeks, and could spark some interest. The National Daily Direct afternoon hog report was $0.73 higher ($70-$79.25, weighted average $77.30) on 8,521 head sold. Corn futures were lower in light trade with May down 3 3/4 cents per bushel. The Dow Jones Index was 48 points higher with the Nasdaq up 16 points.