DTN Closing Livestock Comment 08/29 15:55

DTN Closing Livestock Comment 08/29 15:55 Buyer Support Holds Thursday Afternoon Moderate to strong gains held through the end of Thursday's trading session with active support moving into lean hog contracts. The ability to maintain early gains in cattle futures is helping solidify buyer interest. By Rick Kment DTN Analyst GENERAL COMMENTS: Even though livestock futures were unable to hang onto session highs late Thursday, the ability to close cattle and hog futures higher is a moral victory. Corn futures trickled higher in limited activity. December corn futures closed 1/4 cent higher. Stock markets are higher in moderate trade. Dow Jones is 326 points higher with NASDAQ up 116 points. Light cash trade in Nebraska at $105 live and $170 to $173 dressed. Most trade is holding at $170 per cwt. This is generally $5 per cwt lower than last week. Trade in the South still remains quiet, and may hold out until sometime Friday. The lower prices will not go down easy heading into the holiday weekend, but lackluster packer interest with the short processing week and scheduled contracts coming due will likely severely limit the overall need for packers to buy negotiated cattle. Asking prices are holding at $107 to $108 in the South and $178 to $180 in the North. National Daily Direct afternoon hog report is $1.96 lower with a weighted average of $57.87 per cwt. Full range of $50 to $60 per cwt on 8,404 head sold.