DTN Closing Livestock Comment 05/08 16:30
8 May 2018
DTN Closing Livestock Comment 05/08 16:30 Summer Lean Hog Issues Come Alive With Triple-Digit Gains Lean hog futures closed mostly higher with particular buying interest supporting June through October. Cattle contracts opened under pressure but eventually reversed sharply higher thanks to aggressive short-covering and the large premium status of spot feedlot cash. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Feedlot country was very quiet through the day with neither bids nor asking prices well defined. According to the closing report, the national hog base is $0.96 higher ($53-$61.50, weighted average $59.93). The corn trade rebounded Tuesday by 2-3 cents, supported by further dryness in Brazil as well as wet and cool forecasts for certain Northern states (e.g., Minnesota, North Dakota) that are still way behind normal planting progress. The stock market closed slightly higher with the Dow up 2 points and the Nasdaq better by 1.