DTN Closing Livestock Comment 05/11 17:01

DTN Closing Livestock Comment 05/11 17:01 Late-Week Profit-Taking Pressures Lean Hog Futures Lean hog futures closed lower Friday with particular selling pressure noted on summer contracts. On the other hand, the cattle complex settled narrowly mixed with live issues some higher and feeder contracts slightly lower. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Despite a general lack of trade volume through Thursday, cash business remains slow in developing Friday. The best market test appears to be in parts of the North. Specifically, Nebraska has marked several thousand steers and heifers at $122 to $123, generally $2 to $3 lower than last week. The South remains at a standstill as of this writing, but it is possible that buyers and sellers will find some level of compromise before the sun sets. The National hog base closed up $0.97 compared with the Prior Day settlement ($59-$63.50, weighted average $62.62). From Friday to Friday, livestock futures scored the following changes: Jun LC up $1.57; Aug LC off $0.65; May FC off $1.98; Aug FC off $2.42; Jun LH up $1.58; Jul LH up $1.40. Corn futures closed over 5 cents lower, pressured by some reports of rainfall in Brazil and general U.S. planting progress. The stock market closed mostly higher with the Dow advancing by 91 points. The Nasdaq closed 2 point lower.