DTN Closing Livestock Comment 05/04 15:34

DTN Closing Livestock Comment 05/04 15:34 Light Volume Erodes Cattle Support Pressure through the end of the week limited trade volume in all markets as futures pulled back from previous gains. This market shift lower is not expected to create any significant directional shift early next week. By Rick Kment DTN Analyst GENERAL COMMENTS From Friday to Friday, livestock futures scored the following changes: Jun LC, off $0.95; Aug LC, off $0.90; May FC, off $1.62; Aug FC, off $1.93; Jun LH, up $0.90; Jul LH, off $0.65. Cash cattle trade remains generally quiet Friday afternoon with some additional live trade scattered through the North at $126 per hundredweight (cwt). It appears that business is essentially done in the South, although it's expected that Northern trade will need to see some additional activity before the end of the day. This is likely to be pushed off until late afternoon or early evening with a wide gap still between asking prices and bids. According to the closing report, the national hog base is $0.10 higher compared with the Prior Day settlement ($52-$59.75, weighted average $59.05). Corn futures were steady to lower in light activity. The May futures contract was 3/4 cent lower Friday. The Dow Jones Index closed 364 points higher with the Nasdaq up 130 points.