DTN Closing Livestock Comment 12/15 16:29

DTN Closing Livestock Comment 12/15 16:29 Cattle Futures Close Week with Triple-Digit Gains Quickly recovering from a sluggish opening, cattle futures climbed sharply higher through the session, inspired by greater packer spending in feedlot country. Lean hogs settled solidly higher, supported by late-week short-covering and spillover buying from the cattle complex. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Moderate cattle trading developed in most areas just before the weekend break as feedlot managers responded to higher packer bids. Live business in the South ranged from $118-$120, $1 to $3 higher. Most dressed sales in the North were marked at $190, generally $3 higher than last week's weighted average basis Nebraska. The national hog base closed off $0.13 compared with the prior day settlement ($50-$57.85, weighted average $56.47). From Friday to Friday, livestock futures scored the following changes: Dec LC up $3.33; Feb LC up $2.72; Jan FC up $2.53; Mar FC up $2.23; Feb LH off $0.33; Apr LH off $0.32. Corn futures closed about a penny lower, stifled by the same old factors of larger supplies and lackluster export demand. Encouraged by growing prospects of a tax cut prior to Christmas, the stock market closed with new highs. The Dow finished up 122 with the Nasdaq better by 80.