DTN Closing Livestock Comment 06/23 15:51

DTN Closing Livestock Comment 06/23 15:51 Cattle Futures Blast Higher With Triple-Digit Gains The cattle complex bolted sharply higher today thanks to aggressive short-covering, pre-report positioning, and ideas of bottom-making potential. Lean hog contracts settled moderately lower, checked by residual selling interest and caution ahead of the June 1 inventory set for release Friday afternoon. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: While the cash cattle business was again limited to light trade volume, somewhat stronger sales did surface in parts of the North at $190 dressed, $4 higher than midweek but still $5 below last week basis Nebraska. On the other hand, the South seemed totally quiet with few buyers even bothering to renew Wednesday bids. Asking prices were around $218-120 in the South and $192 in the North. According to the closing report, the national hog base is .12 higher compared with the Prior Day settlement ($74.00-$83.50, weighted average $81.30). The corn market slipped another 5-6 cents lower, dipping to the lowest price level seen in six weeks. Selling pressure was tied to more positive growing conditions (i.e., timely rains and cooler temp expectations). The stock market closed more than 1% higher, supported by increased expectations the U.K. will vote to remain in the European Union. The Dow surged 230 points higher with the Nasdaq better by 76.