DTN Closing Livestock Comment 05/11 16:04
11 May 2016
DTN Closing Livestock Comment 05/11 16:04 Summer Lean Futures Move Back Into Passing Lane Lean hog futures closed sharply higher with June through August scoring triple-digit gains. On the other hand, the cattle complex settled mostly lower with feeders losing ground to their live counterparts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle market remained a no-show at midweek with bids and asking prices only sketchily defined. A few bids were noted in parts of Texas at $124. Some showlists appeared to be priced around $132-$134 in the South and $205-plus in the North. According to the closing report, the national hog base is $1.21 higher compared with the Prior Day settlement ($65.00-75.50, weighted average $72.81). Corn futures closed 2-3 cents lower, pressured by profit-taking and a reassessment of generally negative s&d estimates released Tuesday. The stock market closed lower, pressured from disappointing Disney and Macy's earnings. The Dow plunged 217 points lower with the Nasdaq off by 49.