DTN Closing Livestock Comment 05/27 16:31

DTN Closing Livestock Comment 05/27 16:31 Cattle Futures Extend Late-Week Recovery Live and feeder cattle futures closed significantly higher, supported by follow-through buying and technical optimism. On the other hand, lean hog futures settled narrowly mixed with deferreds out preforming nearbys. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light trading developed in the Northern tier of cattle country with late-week prices surfacing in a wide range. Specifically, dressed sales in Nebraska and Iowa ranged from $198 to $205. Generally speaking late sales were mostly $200 to $205.00 (steady to $5 lower than last week). Action in the South was extremely slow. The Iowa hog base closed $0.34 lower compared with the Prior Day settlement ($69.50-$74.00, weighted average $73.21). From Friday to Friday livestock futures scored the following changes: Jun LC, Up $1.35; Aug LC, Off $1.03; Aug FC, Off $1.22; Sep FC, Off $1.22, Jun LH, Up $0.67, Jul LH, Up $0.82. Corn futures closed 3-4 cents higher, supported by positive export news and spec buying. The stock market closed higher, supported by Fed Chair Janet Yellen's suggestion of an interest hike sometime this summer. The Dow closed 44 points higher with the Nasdaq better by 31.