Firm underlying support moved through the livestock futures complex. This helped to bring some additional trade volume to the market and pushed all contracts higher.
Cash cattle activity remains at a standstill with bids redeveloping at $124 live basis. Asking prices are becoming more evident at $129-to-$130 live basis, but still not able to get much interest generated in the form of sales. The Fed Cattle Exchange Auction Wednesday listed a total of 255 head, with 0 actually sold, 164 head listed as unsold, and 91 head listed as PO (Passed Offer). The state by state breakdown looks like this:
- KS 255 total head, with 0 head sold, 164 head unsold, 91 head listed as PO ($124.00);
- NE — no cattle reported;
- TX — no cattle reported;
- CO — no cattle reported;
- IA — no cattle reported;
- other states — no cattle reported.
The delivery date/weighted averages breakdown is as listed:
- 1-9 day delivery: 255 head total, 0 head sold;
- 1-17 day delivery — no cattle reported;
- 10-17 day delivery — no cattle reported;
- 17-30 day delivery — no cattle reported.
According to the closing report, the national hog base is $0.88 per cwt lower with an average price of $66.85 per cwt (trading range: $60.00-to-$68.50).
The corn futures are higher in light activity. March futures were 1/4 cent higher Wednesday. The Dow Jones Index is 235 points higher with the Nasdaq up 79 points.