DTN Closing Livestock Comment 01/09 15:33

DTN Closing Livestock Comment 01/09 15:33 Hog Futures Spark Renewed Interest Lean hogs was the market to watch Wednesday following active support in nearby contracts. Triple-digit gains in February through May contracts sparked additional buyer support. By Rick Kment DTN Analyst GENERAL COMMENTS: Continued fundamental strength in the hog trade helped to bring about additional price support in all markets. Nearby contracts led the complex higher with triple-digit gains seen in spring contract months. Cattle futures posted moderate losses due to limited direction. Live cattle markets were mixed to mostly lower with limited pressure most evident in nearby contracts. Cash cattle activity was limited, although cash sales are still a long way off given the gap between bids and asking prices. Both sides are still unwilling to show their entire hand with a few asking prices listed midweek at $126 live and $200 to $202 dressed. Early bids seen in the North are at $194. Given the underlying support in the market, trade is likely to be delayed until Friday. According to the closing report, the national hog base is $1.02 higher ($46.50 to $52.50, weighted average $51.19). Corn futures were higher in light activity with March futures closing up 2 cents. The Dow Jones Index was 156 points higher with Nasdaq up 78 points.