DTN Closing Livestock Comment 05/19 17:05

DTN Closing Livestock Comment 05/19 17:05 Meat Futures Stage Defensive Retreat The cattle complex closed sharply lower with triple-digit losses linked to long liquidation, technical selling and signs of a stronger dollar. Lean hog issues also sold off, pressured by follow-through selling and the discounted status of cash sales. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cash activity in feedlot country was limited Thursday, though some lower business was evident in most areas. Scattered live sales were reported in parts of the South at $130, $2 lower than Wednesday and $2-$4 lower than last week. A limited number of dressed deals were reported in the North at $205-$205, $3-$4 lower than last week's weighted average basis Nebraska. According to the closing report, the national hog base is $0.93 lower compared with the Prior Day settlement ($68.00-$76.50, weighted average $74.97). The corn market closed 8-9 cents lower, hammered after the NWS released a favorable crop-growing forecast for the month of June. U.S. stocks closed lower after the latest Fed minutes increased prospects of a rate hike as soon as June. The Dow closed 91 points lower with the Nasdq off 26.