DTN Closing Livestock Comment 07/02 16:27

DTN Closing Livestock Comment 07/02 16:27 Livestock Futures End Mixed in Light Trade Livestock trade interest slowly eroded Tuesday, leading to mixed closes in lean hog and live cattle futures. Livestock markets are likely to lack direction the rest of the week surrounding the Fourth of July holiday, leading to moderate price shifts. By Rick Kment DTN Livestock Analyst GENERAL COMMENTS: Early support slowly but steadily eroded in livestock markets Tuesday due to technical buyer support being met with position-taking in limited trade. Trade volume is expected to remain light through the end of the week. Trade on Wednesday will be shortened due to an early close ahead of Thursday's holiday. Cash cattle interest remained sluggish with limited bids redeveloping this week at $107 to $111 live basis and $178 dressed. Southern bids were seen at $107 per cwt, with limited interest in Iowa seen at $111 per cwt. These prices are well below asking prices of $110 and higher live basis in the South and $182 dressed in the North. The desire still remains to secure most cash trade by the end of the day Wednesday, but the lack of movement at this point is likely to cause some trade to return Friday. The National Daily Direct afternoon hog report was unavailable at the time these comments were posted. Corn futures ended higher Monday in limited trade with September up 3 1/2 cents per bushel. The Dow Jones Index was 69 points higher with the NASDAQ up 17 points.