DTN Closing Livestock Comment 05/02 16:48
2 May 2016
DTN Closing Livestock Comment 05/02 16:48 Live, Feeder Futures Scored Initial Round of Triple-Digit Gains The cattle complex launched the new month with sharply higher prices, supported by short-covering and the premium status of spot feedlot sales. Lean hog futures also landed impressive progress thanks to technical buying and seasonal bullishness. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in feedlot country Monday was predictably limited to the distribution of new showlists. Ready numbers are mixed larger in Nebraska and Texas but smaller in Kansas and Colorado. Overall, the early May offering appears to be about steady with last week. Initial asking prices were not well defined. According to the closing report, the national hog base is unchanged compared with the Prior Day settlement ($64.00-71.50, weighted average $69.28). Corn futures were basically unchanged at the close as traders cautiously paused to assess planting progress. U.S. stocks closed higher at the conclusion of the first trading day of the month, helped by a decline in the dollar index. The Dow rallied today by 112 points and the Nasdaq improved by 42.