DTN Closing Livestock Comment 06/02 16:15
2 Jun 2016
DTN Closing Livestock Comment 06/02 16:15 Summer Hog Futures Stage Bullish Breakout Lean hog futures closed sharply higher with July through October scoring triple-digit gains. The cattle complex settled mostly higher, supported by short-covering and cash premiums. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cattle buying seemed only marginally better Thursday, and only in terms of a few more token bids distributed here and there (e.g., $123 in the South; $200-$203 in the North). Asking bids were around $130-$132 in the South and $210-plus in the North. According to the closing report, the national hog base is $1.19 higher compared with the Prior Day settlement ($67.00-$78.50, weighted average $74.48). Despite exploding bean prices (e.g., spot July closed 44 cents higher), corn futures settled no better than mixed. U.S. stocks closed higher ahead of the highly anticipated employment report due Friday morning. The Dow closed 48 points higher with the Nasdaq better by 19.