DTN Closing Livestock Comment 06/03 16:03

DTN Closing Livestock Comment 06/03 16:03 Late-Summer Hog Futures Close Sharply Higher For the second consecutive day, lean hog futures closed significantly higher with July and August setting new contract highs. The cattle complex settled moderately higher thanks to short-covering and cash optimism. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following Changes: Jun LC, Up $2.30; Aug LC, Up $1.38; Aug FC, Off $0.03; Sep FC, Up $0.37, Jun LH, Up $1.78, Jul LH, Up $4.90. While the cash cattle trade took a long time to develop, higher prices were well worth waiting for. Moderate volume developed this afternoon in most areas with sellers responding to greater packer spending. Most live sales in the South were marked at $128, $3 higher than last week. A few pens in the area were marked as high as $129. In the North, most dressed deals took place at $206, $8 to $9 higher than last week's weighted average basis Nebraska. Some live business in the North took place as high as $130 to $132, $5 to $7 higher than last week. According to the closing report, the national hog base is $1.28 higher compared with the Prior Day settlement ($74.00-$78.50, weighted average $77.61). Corn futures closed higher, up 3 cents in the July and December contracts.