DTN Closing Livestock Comment 05/26 16:26
26 May 2017
DTN Closing Livestock Comment 05/26 16:26 Cattle Futures Break Hard Given Bearish On-Feed News The cattle complex closed sharply lower right before the holiday recess, pressured by long-liquidation and the negative implications of the May 1 on-feed report. On the other hand, summer lean hog contracts closed the week with solid gains, supported by bull-spreading and ideas of strengthening seasonal fundaments. By John Harrington DTN Livestock Analyst GENERAL COMMENTS The cash cattle trade was limited to scattered sales in parts of the North at $132.50 live and $208.00-$210.00 dressed. The national hog base closed off $0.75 compared with the Prior Day settlement ($67.00-$73.00, weighted average $71.01). From Friday to Friday, livestock futures scored the following changes: Jun LC Off $0.75; Aug LC Off $2.10; Aug FC Off $3.50; Sep FC Off $3.47; Jun LH Up $2.32; Jul LH Up $1.73. Corn futures closed a nickel higher, supported in part by reports of wide spread replanting activity. The stock market closed narrowly mixed with the Dow off 2 and the NASDAQ up 4.