DTN Closing Livestock Comment 05/12 16:25

DTN Closing Livestock Comment 05/12 16:25 Despite Bullish Cash News, Cattle Futures Reverse to Close Lower Although the cattle complex traded with decent gains for most of the session, late selling and long liquidation caused prices to reverse and close significantly lower. The lean hog market put in a much calmer round of business, closing modestly higher. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade exploded with higher feedlot sales as short-bought packers chased after tight fed supplies. Live sales in the South ranged from $132-$134, $5-$7 higher than last week. For the most part, dressed deals in the North were marked at $210, fully $10 higher than last week's weighted average basis Nebraska. Live steers and heifers in western Nebraska and Colorado sold as high as $135, roughly $7 higher than a week earlier. According to the closing report, the national hog base is $1.64 higher compared with the Prior Day settlement ($65.00-76.80, weighted average $74.45). Corn futures surged 11 cents higher, spurred by positive export news and forecasts of wet/cool late-spring weather. U.S. stocks closed mostly lower, weighed by declines in health care and technology stocks. The Dow closed 9 points higher with the Nasdaq off 23.