CLOSING LIVESTOCK COMMENTS
John Harrington, DTN Livestock Analyst
GENERAL COMMENTS: The cash cattle trade remained at a standstill through the day with both bids and asking prices poorly defined. Some producers priced showlists are $149-$150 in the South and $242 to $243-plus in the North. According to the closing report, the Iowa hog base is $1.36 lower (on light receipts of only 1,954) compared with the Prior Day settlement ($105.00-$117.56, weighted average $117.56). The corn trade finished no better than fractionally mixed, pretty much ignoring sharply higher action in the wheat and bean pits. The stock market turned higher late Tuesday, with the Nasdaq making its largest rebound in five years. The Dow closed 89 points higher with the Nasdaq up 88 points above the early session low).
LIVE CATTLE: Futures closed off 7 to 75. Though spot April (i.e., still discounted to recent feedlot sales) held close to steady, most live contracts settled moderately lower. The market was pressured by light profit taking and long liquidation. Technically, we remain locked in long traded ranges. Beef cut-outs: moderately higher (choice, $222.86, up $0.34; select, $213.14, up $1.09) with moderate demand and light to moderate offerings (94 loads of choice cuts, 51 loads of select, 14 loads of trimmings, 21 loads of ground beef).
WEDNESDAY'S CASH CATTLE CALL: Steady. Packer inquiry should slowly start to improve at midweek, but significant trade volume is not likely to develop until Thursday or later.
FEEDER CATTLE: Futures closed off 15 to 77. Feeder futures closed moderately lower thanks in part to feed cost worries linked to the unknown potential of the new-corn crop still in the bag. CME cash feeder index: 04/14: 179.75, off $0.64.