DTN Closing Livestock Comment 01/02 15:38

DTN Closing Livestock Comment 01/02 15:38 Sharp Gains Flood Cattle Futures Tuesday Traders became increasingly aggressive early Tuesday with the focus on increased market support and strong cash price activity late last week. This helped solidify triple-digit gains in all cattle markets and set the tone for some additional support, possibly over the next couple of weeks. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle activity was at a standstill Tuesday. Showlists were mixed as both sides enter the new year. Overall, cattle numbers seem to remain generally steady with last week, although showlists appear to be smaller in Kansas and larger in other states. Bids and asking prices are still undeveloped and may remain that way until midweek or later. This could create another round of late Friday trade, and limit potential cattle moved during early January. According to the closing report, the national hog base is $0.28 higher compared with the prior day settlement ($54.00-$60.50) weighted average $59.02. Corn futures moved higher in light activity. March futures were 2 cents higher Tuesday. The Dow Jones Index is 93 points higher with the Nasdaq up 102 points.