DTN Closing Livestock Comment 05/23 17:07
23 May 2016
DTN Closing Livestock Comment 05/23 17:07 Limit Losses Dominate Closing Cattle Future The cattle complex settled sharply lower with the majority on contracts settling as low as exchange rules allowed. Lean hog issues closed significantly lower, pressured by spillover bearishness from cattle futures and technical selling. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in feedlot country was limited to the distribution of new showlists. Ready numbers in late May appear to be mixed, some larger in the North but a good deal smaller in the South (especially Texas). Asking prices were few and far between. According to the closing report, the national hog base is $0.05 lower compared with the Prior Day settlement ($67.00-$75.75, weighted average $74.62). Corn futures settled 3 cents higher, supported by ideas that more rain in the forecast may cause some corn farmers to plant beans. U.S. stocks closed lower in low volume. The Dow closed off 8 points with the Nasdaq down 3.