DTN Closing Livestock Comment 06/05 16:39

DTN Closing Livestock Comment 06/05 16:39 Cattle Futures Up Again Wednesday Feeder cattle futures rose by triple digits again Wednesday as traders reacted to a strong pullback in corn prices. By Rick Kment DTN Analyst GENERAL COMMENTS: Feeder cattle futures continued to rise Wednesday, bringing the two-day rally in the spot-month contract to near $6 per cwt. The gains came as traders continue to focus on long-term feed supplies and production costs. Hog futures were mixed to mostly higher, with most support seen in deferred contracts on long-term demand expectations. Cash cattle bids of $113 to $114 per cwt live basis and $183 dressed developed across the North. Additional trade is expected, but may not develop until Thursday or Friday. Trade in the South appears to be done following early week trade at $112 to $113 live basis, $2 to $3 per cwt lower than last week. Asking prices remain at $115 live and $188 dressed. The National Daily Direct afternoon hog report was $0.31 higher ($68-$79, weighted average $76.34) on 17,734 head sold. Corn futures were sharply lower in light trade with July down 10 cents per bushel. Dow Jones Index is 207 points higher with Nasdaq up 48 points.