DTN Closing Livestock Comment 05/31 16:11
31 May 2016
DTN Closing Livestock Comment 05/31 16:11 Cattle Futures Close Significantly Higher Thanks to Short-Covering and Technical Buying The cattle complex returned from the long holiday weekend with plenty of buying energy. Live contracts closed with triple-digit gains, supported by technical buying and early week short-covering. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade was typically quiet with packers focused on the collection of new showlists. Ready cattle numbers appear to be mixed, larger in the South and smaller in the North. The offering appears to be generally larger than the previous week. Asking prices were not well defined. The Iowa hog base closed $0.25 lower compared with the Prior Day settlement ($64.00-$74.50, weighted average $72.94). Corn futures closed down 8 cents in the July contract and down 5 cents in the December.