DTN Closing Livestock Comment 05/17 16:23

DTN Closing Livestock Comment 05/17 16:23 Firm Buyer Support Boosts Cattle Futures Wednesday Livestock futures bounced higher Wednesday with stability moving back into the cattle complex. This support quickly developed across the feeder cattle and live cattle market, overshadowing the sharp losses seen over the last week. Early gains in lean hog trade eroded in late-day markets due to contracts unable to break through long-term resistance. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade developed in Nebraska at $215 per cwt dressed basis. These prices were paid by regional packers and were $6 lower than last week's average prices. Sales on the weekly Fed Cattle Exchange Auction report Wednesday listed a total of 2,379 head, with 1,621 actually sold, and 758 head listed as unsold. The state-by-state breakdown looks like this: KS 309 total head, with 267 head sold at $134.00-$135.75; NE 758 total head, with 394 head sold at $130.00-$134.25; TX 966 total head, with 893 head sold at $133.75-$135.75; CO 108 total head, all unsold; IA no test; other states 238 total head (in SD and OK) with 67 head sold in OK at $134.00. The weighted averages are as listed: 1-9 day delivery: 814 head, $135.16; 1-17 day delivery 570 head, $134.28; 17-30 day delivery 237 head, $130.84. According to the closing report, the national hog base is $0.05 higher compared with the Prior Day settlement ($66.00-$72.50, weighted average $71.24). The corn futures moved higher in light activity. May futures were 3 cents higher Friday. The Dow Jones Index is 372 points lower with the Nasdaq down 158 points.