DTN Closing Livestock Comment 03/27 15:29

DTN Closing Livestock Comment 03/27 15:29 Early Buyer Interest Fades at Closing Bell Live cattle and lean hog futures were unable to hold on to strong early gains Tuesday, closing mixed in a narrow trading range. This lack of follow-through support will likely limit later market interest. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle markets remain quiet Tuesday following some additional token bids developing in several areas. Live basis in the North and South is ranging from $118 to $121 per hundredweight (cwt), while dressed bids are posted at $196 per cwt. Given the back and forth of futures trade, little to no development is seen in asking prices. But any asking prices that do develop are expected to be well above current bids. Feedlot managers are willing to hold out until later in the week, as many feel end-of-month and end-of-quarter position-squaring may help to firm packer bids. According to the closing report, the national hog base is $1.41 lower compared with the prior day settlement ($45-$51.50, weighted average $50.11). Corn futures were mixed in light activity with May futures steady Tuesday. The Dow Jones Index is 17 points higher with the Nasdaq down 103 points.