DTN Closing Livestock Comment 05/16 16:31
16 May 2016
DTN Closing Livestock Comment 05/16 16:31 Cattle Futures Generally Scored Impressive Gains The cattle complex closed significantly higher for the most part, though the best buying interest was evident in the feeder market. Lean hog issues settled on a mixed basis with nearbys outperforming defereds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Packer activity in cattle country was typically limited to the distribution of new showlists. Initial asking prices were poorly defined. The mid-month offering appears to be generally larger than the previous week. According to the closing report, the national hog base is $0.21 higher compared with the Prior Day settlement ($68.00-$78.00, weighted average $74.73). The corn market closed 2-3 cents higher, ignoring forecasts for drier planting conditions. U.S. stocks closed about 1% higher with energy stocks leading as oil prices hit fresh highs for the year so far. The Dow closed up 175 points with the Nasdaq better by 57.