DTN Closing Livestock Comment 01/08 15:36

DTN Closing Livestock Comment 01/08 15:36 Cattle Futures Set Contract Highs Triple-digit gains in nearby live cattle futures sparked active buying activity through the complex. February live cattle contracts broke through resistance levels, setting contract highs Tuesday. By Rick Kment DTN Analyst GENERAL COMMENTS: Triple-digit gains flooded back into live cattle and feeder cattle trade Tuesday. The renewed support pushed front-month live cattle contracts to new contract highs, sparking follow-through buying late in the day Tuesday. Lean hog futures bounced back from midday lows, with most contracts holding limited single-digit gains, even though spot February futures posted 70-cent gains. Cash cattle markets remain undeveloped with asking prices and bids still silent late Tuesday afternoon. The overall lack of movement is not shocking or unexpected at this point, although there is some uncertainty as to intended activity until the last half of the week. According to the closing report, the national hog base is $1.16 higher ($46 to $51.50 per cwt, weighted average of $50.18 per cwt). Corn futures are lower in light activity. March futures were 2 1/4 cents lower. Dow Jones Index is 276 points higher with the Nasdaq up 74 points.