DTN Closing Livestock Comment 07/26 16:29

DTN Closing Livestock Comment 07/26 16:29 Livestock Futures Firm in End-of-Week Trade Late-day support led to moderate-to-strong gains in feeder cattle and lean hog futures Friday. This is expected to spark additional interest early next week. By Rick Kment DTN Analyst GENERAL COMMENTS: Light-to-moderate buying interest led to gains in lean hog and feeder cattle futures Friday. The gains in lean hog futures came after Thursday's correction. The rally in feeder cattle futures was due to traders focusing on falling grain prices, which could lead to lower production costs. From Friday to Friday, livestock futures scored the following changes: Aug live cattle up $1.05; Oct live cattle up $1.40; Aug feeder cattle up $3.75; Sep feeder cattle up $4.30; Aug lean hogs up $2.55; and Oct lean hogs up $0.53. Cash cattle remained untraded by midafternoon Friday, although bids had improved in most areas. Southern live bids were at $111 per cwt, while Northern live bids were at $109 to $111. Dressed bids remained at $180 to $183 per cwt. Asking prices remained firm at $113 to $114 live and $186 to $187 dressed. Light-to-moderate trade was expected to develop before the weekend, but it could be late afternoon or early evening before deals are reached. The National Daily Direct afternoon hog report was unavailable at the time these comments were posted. Corn futures moved lower in sluggish trade with September down 4 cents per bushel. The Dow Jones Index was 36 points higher with the NASDAQ up 94 points.