DTN Closing Livestock Comment 05/03 16:25
3 May 2018
DTN Closing Livestock Comment 05/03 16:25 Cattle Futures Rock With Triple-Digit Gains The cattle complex closed sharply higher thanks to signs of greater packer spending in the country and aggressive short-covering. For the most part, lean hog issues settled modestly lower in slow trade volume. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Higher packer bids triggered a decent test of the cash cattle market, especially in the South. A moderate number of steers and heifers were marked at $126, roughly $3 higher than last week. Business in the North seemed more touch-and-go with light trade reported in a very wide price range (e.g., $190-$200 dressed). According to the closing report, the national hog base is $0.15 lower ($52-$59.10, weighted average $58.89). Corn futures firmed by 3 cents plus on the close, supported by dry South American weather. The stock market closed mixed with the Dow up 5 points and the Nasdaq off 12.