DTN Closing Livestock Comment 01/18 15:50

DTN Closing Livestock Comment 01/18 15:50 Cattle Futures Rally Thursday Active support flooded into all cattle futures Thursday, sparking strong triple-digit market shifts in live cattle and feeder cattle trade during morning trade. Although prices backed away from morning session highs, the optimism held into the closing bell. Rick Kment DTN Analyst GENERAL COMMENTS: Triple-digit gains quickly flooded through the cattle complex as traders focusing on previous market shifts quickly and aggressively became active buyers Thursday. The momentum seen in nearby live cattle and feeder cattle contracts is a combination of pre-report adjustments and bullish expectations surrounding beef market fundamentals in the upcoming weeks. Nearby feeder cattle futures led the market higher, closing over $2 per cwt higher in nearby contracts, helping to stimulate additional potential buyer interest through the end of the week. Hog futures were much less subdued with prices mixed in a moderate range as traders continue to focus on limited overall market change despite firming fundamental factors developing mid-January. Hog prices closed higher on the Daily Direct Afternoon hog report, up $0.97 with a weighted average of $48.04 on 2,225 hogs. March corn closed up 1 3/4 at $4.44 and March soybean meal closed up $2.60 at $361.3. The Dow Jones Industrial Average is up 201.94 at 37,468.61.