DTN Closing Livestock Comment 05/25 16:28

DTN Closing Livestock Comment 05/25 16:28 Feeder Cattle Futures Rally Late Friday Buyer support moved back into the cattle complex late Friday. The support developed following the early release of the cattle on feed report, which posted a 92% cattle placement compared to year ago levels. Light buyer interest was seen in most other livestock futures despite the limited trade activity. By Rick Kment DTN Analyst GENERAL COMMENTS From Friday to Friday, livestock futures scored the following changes: Jun LC, up $2.25; Aug LC, up $4.08; Aug FC, up $7.30; Sep FC, up $6.65; Jun LH, off $0.50; Jul LH, up $0.30. Cash cattle trickled into some parts of the market through early afternoon Friday. Trade is seen in the North at $177 dressed basis and $110 live. Current prices are generally $6 per cwt below week ago levels. Bids are still seen at this time in the South at $110 per cwt, but no significant trade has yet developed. It is likely that some activity may be seen late afternoon or Friday evening, but trade volume may remain extremely light. The combination of reduced schedules next week, due to the Memorial Day holiday and previous sales in May sold for delayed delivery, may keep packers from aggressively sourcing cattle. This is still well below asking prices of $115 and higher in the South, and $182 to $185 in the North. At this point it appears that trade will be delayed until well into Friday. According to the closing report, the national hog base is $0.35 higher compared with the Prior Day settlement ($58.00 to $66.00) weighted average $65.07. The corn futures are higher in light activity. July futures were 1 3/4 cents higher Friday. The Dow Jones Index is 58 points lower with the Nasdaq up 9 points.