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DTN Closing Livestock Comment 12/13 15:40
   Feeder Cattle Futures Tumble Lower

   Moderate to strong losses quickly moved through cattle futures as
triple-digit declines flooded back into the feeder cattle market. This eroded
early support in live cattle futures, pushing prices moderately lower.

By Rick Kment
DTN Analyst



   GENERAL COMMENTS

   Cash cattle activity remained quiet with only scattered bids developing
earlier in the day. Packers continue to bid $114 to $115 per cwt on a live
basis in all areas. Bids for dressed basis cattle have been unavailable so far
this week. Asking prices remain at $119 to $120 per cwt at midweek with no
indication that feedlot managers will back away from these levels in the near
future. The Fed Cattle Exchange Auction on Wednesday listed a total of 704
head, with 75 actually sold, 246 head listed as unsold, and 383 head listed as
PO (Passed Offer). The state-by-state breakdown looks like this: Kansas 318
total head, with 75 head sold at $116.00, 59 head unsold, 184 head listed as PO
($116.00); Nebraska 121 total head, with 0 head sold, 121 head unsold, and 0
head listed as PO; Texas 265 total head, with 0 head sold, 66 head unsold, and
199 head listed as PO ($116.00); Coorado -- no cattle reported; Iowa -- no
cattle reported; other states -- no cattle reported. The delivery date/weighted
average breakdown is as listed: 1-9 day delivery: 704 head total, 75 head sold,
with a weighted average price of $116.00; 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
$1.08 lower compared with the Prior Day settlement ($50.00-$59.20) weighted
average $57.04. The corn futures moved higher in light activity. March futures
were 1 cent higher Wednesday. The Dow Jones Index is 114 points higher with the
Nasdaq up 17 points.
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