DTN Closing Livestock Comment 07/03 15:56

DTN Closing Livestock Comment 07/03 15:56 Feeder Cattle Futures Plunge on Corn Rally Triple-digit losses in feeder cattle set the tone for the livestock markets Wednesday during the abbreviated pre-holiday trading session. By Rick Kment DTN Livestock Analyst GENERAL COMMENTS: Triple-digit losses in feeder cattle led to uncertainty throughout the livestock markets Wednesday. Pressure in both feeder cattle and hog trade was due to a rally in grain futures Wednesday. Live cattle futures managed to break away from the influence of feeder cattle to bounce higher. However, this was likely due to the light trade Wednesday and may only be temporary. Cash cattle trade was starting to develop in most areas Wednesday. Light-to-moderate Southern trade was seen at $109 to $110 per cwt live basis, steady to $1 higher than last week. This may result in enough trade for the week with both sides desiring to wrap business up before the end of the day. Northern trade remains light, but was starting to pick up Wednesday afternoon. Trade at $111 to $112 live and $178 to $181 dressed was seen. This is $1 lower to $2 per cwt higher than last week. The National Daily Direct afternoon hog report was $0.69 lower ($58-$68, weighted average $67.18) on 12,508 head sold. Corn futures ended higher Tuesday in active trade with September up 17 3/4 cents per bushel. The Dow Jones Index was 179 points higher with NASDAQ up 61.