DTN Closing Livestock Comment 01/17 15:47

DTN Closing Livestock Comment 01/17 15:47 Livestock Futures Shift Higher in Afternoon Trade Early pressure in livestock futures Wednesday morning was offset by moderate to firm late-day buying interest moving back into the lightly traded livestock complex. Firm gains developed in most cattle and lean hog contracts, offsetting some of the pressure of potential market pullbacks over the next couple of days. Rick Kment DTN Analyst GENERAL COMMENTS: Firm morning pressure in all livestock futures Wednesday created some market uncertainty and questions about the ability to restimulate buyer interest through the end of the week. In the last couple hours of trade, sell orders quickly eroded, allowing for market support to develop and prices to quickly bounce higher with very little resistance. Feeder cattle futures led the upward market shift, allowing for strong gains near $1 per cwt to hold in most nearby contracts. Midday gains in lean hog futures prices helped to stimulate additional buyer activity during the afternoon, moving spot February futures back above $71 per cwt, and to the highest price point of the week. Growing fundamental support surrounding gains in meat values and potential further cash market gains through the end of the week has created additional market optimism. Hog prices closed higher on the Daily Direct Afternoon hog report, up $1.17 with a weighted average of $47.07 on 7,780 hogs. March corn closed down 1 1/4 at $4.423 and March soybean meal closed down $12.40 at $358.7. The Dow Jones Industrial Average is down 94.45 at 37,266.67.