DTN Closing Livestock Comment 09/04 16:23

DTN Closing Livestock Comment 09/04 16:23 Limited Direction Adds Stability to Livestock Markets Livestock futures were mixed Wednesday as the market continued to adjust following strong early week gains. Feeder cattle futures saw the most support, while live cattle and lean hog futures closed mixed. By Rick Kment DTN Livestock Analyst GENERAL COMMENTS: Livestock markets searched for stability Wednesday following the strong support seen Tuesday. Hog futures saw moderate-to-firm losses early in the session, but regained most of their initial losses on technical support. Cattle futures closed mostly higher, although nearby live cattle futures eroded midweek. Cash cattle activity remains generally sluggish Wednesday afternoon, though a few sales have been reported in Nebraska. Cash trade in Nebraska is seen at $167 to $170 per cwt dressed. These prices are generally $1 to $4 per cwt lower than last week. Most of the deals at $167 are scheduled for delayed delivery the week Sept. 23. Although there remain asking prices in the South of $105 per cwt, no bids are currently developing, and may be delayed until Thursday. Asking prices on cattle in the North remain at $178 dressed basis. The National Daily Direct afternoon hog report was $0.63 lower ($49-$55.50, weighted average $54.63). December corn futures were 2 1/2 cents lower. Stock markets were higher in moderate trade with the Dow up 232 points and the NASDAQ up 106 points.