DTN Closing Livestock Comment 05/31 16:20

DTN Closing Livestock Comment 05/31 16:20 Livestock Futures Surge Higher in Late-May Rally Triple-digit gains developed across cattle and hog futures as traders moved into the livestock complex on the last trading session of the month. This renewed support continues to offset the aggressive losses seen last week and puts the focus on potential longer-term market moves based on fundamental and technical support. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle activity on the Fed Cattle Exchange Auction report Wednesday listed a total of 2,067 head, with 1,257 actually sold, and 536 head listed as unsold, and 274 head passed out (PO). The state-by-state breakdown looks like this: KS 1,142 total head, with 606 head sold at $129.00-$132.50; Nebraska 199 total head, with 199 head sold at $132.50; Texas 358 total head, with 203 head sold at $132.00-$132.50 and 155 head PO at $130.50; Colorado 160 total head, with 160 head sold at $128.00; Iowa no test; other states (Oklahoma) 208 total head, with 89 head sold at $131.25, and 119 head PO at $130.00. The weighted averages are as listed: 1-9 day delivery: 618 head, $132.24; 1-17 day delivery 409 head, $132.06; 17-30 day delivery 230 head, $128.30. Feedlot activity remains extremely quiet midweek with both sides showing very little interest at this point in the game. Just a few scattered opening bids have been reported in Nebraska at $209, while some talk of a few asking prices through the South at $134 to $135 developed earlier in the day. It is likely that more evidence of bids and asking prices will be seen Thursday. But active trade may not develop until late Thursday or sometime Friday. According to the closing report, the national hog base is $1.54 higher compared with the Prior Day settlement ($67.00-$75.00) weighted average $73.58. The corn futures moved higher in light activity. July futures were 5 cents higher Wednesday. The Dow Jones Index is 19 points lower with the Nasdaq down 4 points.