DTN Closing Livestock Comment 05/26 16:22

DTN Closing Livestock Comment 05/26 16:22 Cattle Futures Scored Impressive Key Reversals Opening weak and closing strong, cattle futures notched encouraging moves Thursday thanks to aggressive midsession short-covering and substantial cash premiums. Lean futures also won significant progress, supported by ideas of improving fundamentals through the early summer period. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light to moderate cash trading developed in parts of cattle feeding country. Most live sales in Kansas and Texas were marked at $125, roughly $6 lower than last week. Some dressed deals in the North were reported at $197-$198, $7-$8 lower than last week's weighted average basis Nebraska. According to the closing report, the national hog base is .66 lower compared with the Prior Day settlement ($64.00-$74.00, weighted average $72.78). Corn futures extended its spring rally by 1-3 cents, climbing to the highest price level seen in seven months. The stock market closed narrowly mixed with investors looking ahead to comments from Federal Reserve Chair Janet Yellen. The Dow closed 23 points lower with the Nasday better by 6.