DTN Closing Livestock Comment 05/07 16:11
7 May 2018
DTN Closing Livestock Comment 05/07 16:11 Aggressive Long Liquidation Digs Deeper Cattle Discounts The cattle complex closed sharply lower Monday, hammered by long liquidation, technical-selling and fears of early summer beef supplies. Lean hog futures settled mostly higher with the help of short-covering and slowing chain speed. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Cash cattle traders experienced a typically quiet Monday with the distribution of new showlists the only real item on the agenda. The fed offering for the first full week of June is larger than last week with only Colorado showing a few less ready steers and heifers. Note that Mandatory did report several strings in Nebraska ($190) and Texas ($120), no doubt tied to the strong basis. According to the closing report, the national hog base is $0.05 higher ($49-$60, weighted average $58.79). Corn futures slumped a nickel plus lower, pressured by profit-taking in the wake of last week's rally and some chance for better rainfall in Brazil. The stock market closed higher with the Dow up 94 points and the Nasdaq better by 55.