DTN Closing Livestock Comment 07/09 16:22

DTN Closing Livestock Comment 07/09 16:22 Limit Gains in Hog Futures Rekindle Optimism Triple-digit gains were seen throughout livestock trade Tuesday as traders quickly and aggressively moved back into the market. The abrupt shift in hog futures from Monday's sharp losses has added more uneasiness through the end of the week. By Rick Kment DTN Analyst GENERAL COMMENTS: Sharp gains quickly swept through the livestock trade Tuesday. Hog futures locked in limit gains of $3 per cwt, while nearby feeder cattle contracts rose $4 per cwt. Market support has been building on increased trade interest that has returned following the long holiday weekend. Cash cattle trade remained undeveloped with packers and feeders showing limited interest as they focus on the futures market direction and potential long-term changes developing in cattle trade. A few token bids were floated in the North at $178 per cwt Tuesday. Packers in all other areas remained silent. Asking prices remain unavailable, and while prices are expected to be more available Wednesday, they could be delayed until the futures market shows more stability. The National Daily Direct afternoon hog report was $0.37 higher ($57-$69, weighted average $66.66) on 12,833 head sold. Corn futures posted firm losses with September down 7 cents per bushel. The Dow Jones Index was 22 points lower with the NASDAQ up 43 points.