DTN Closing Livestock Comment 06/13 16:17

DTN Closing Livestock Comment 06/13 16:17 Cattle Prices Continue Lower on Corn Gains Feeder cattle futures fell by triple digits Thursday on double-digit gains in corn prices, which are fueling concerns of higher production costs. By Rick Kment DTN Analyst GENERAL COMMENTS: Despite early weakness, hog futures bounced back to make strong gains at closing bell. Hog prices continue to wander within a moderate-to-wide trading range on limited new information. Cattle futures posted moderate-to-strong losses following liquidation in feeder cattle due to sharp corn market gains. Cash cattle activity remained sluggish with a few cattle selling in Texas at $112 Thursday afternoon. This is $1 per cwt lower than last week. Bids in other areas have been generally limited, but are expected to become much more active Friday. Asking prices are at $115 and higher live and $185 to $188 per cwt dressed. The National Daily Direct afternoon hog report is $0.32 lower ($67-$78.25 per cwt, weighted average $75.75) on 9,017 head sold. Corn futures firmed in active trade Thursday with July up 12 cents per bushel. Dow Jones Index is 101 points higher with Nasdaq up 44 points.