DTN Closing Livestock Comment 05/10 16:11

DTN Closing Livestock Comment 05/10 16:11 Lean Hog Futures Bounce Moderately Higher Hog paper staged a moderate recovery following Monday's sell-off, supported by short-covering and firming carcass value. The cattle complex settled mostly higher in the live market and primarily lower in the feeder trade. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The feedlot trade existed only in theory Tuesday with both cattle buyers and sellers having little to say. A few showlists were priced around $132-$134 in the South and $205-plus in the North. The development of significant trade volume will probably be delayed until sometime Thursday or Friday. According to the closing report, the national hog base is $0.30 higher compared with the Prior Day settlement ($65.00-$74.25, weighted average $71.58). Corn futures surged higher, closing 10-12 cents in the black despite new USDA predictions of a record corn crop ahead (i.e., 14.43 billion bushels) and larger-than-expected old- and new-crop carryouts. Yet soybean numbers suggested outstanding demand, lifting nearby bean prices as much as 57 cents. U.S. stocks closed more than 1% higher, helped by weakness in the yen against the dollar and gains in oil prices. The Dow jumped 222 points with the Nasdaq advancing 59.