DTN Closing Livestock Comment 06/06 17:44

DTN Closing Livestock Comment 06/06 17:44 Cattle Complex Reverses to Close Sharply Lower After opening significantly higher, the cattle complex attracted both commercial and long liquidation to ultimately close sharply lower. On the other hand, lean hog futures settled on a mixed basis thanks to bull spreading and carryover selling from cattle paper. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in feedlot country Monday was typically limited to the distribution of new showlists. Ready numbers were mixed, larger in Kansas and Colorado, but somewhat smaller in Nebraska and Texas. Generally speaking, the fed offering looks near steady with last week. Neither bids nor asking prices were defined. According to the closing report, the national hog base is .65 higher compared with the Prior Day settlement ($69.00-78.50, weighted average $75.66). Corn futures jumped another 9-10 cents higher, supported by spec buying and forecasts for hotter temps. U.S. stocks closed higher, supported by higher oil prices and positive comments from Fed Chair Janet Yellen that omitted a specific reference to the timing of a rate hike. The Dow closed 113 points higher with the Nasdaq better by 26.