DTN Closing Livestock Comment 06/29 16:40

DTN Closing Livestock Comment 06/29 16:40 Fourth-Quarter Lean Hog Futures Close With New Contract Lows Lean hog futures closed widely mixed in the wake of the June 1 Hogs and Pigs report with nearby issues higher and deferred contracts significantly lower. The cattle complex finished the week sharply higher for the most part, supported by aggressive short-covering and technical-buying. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Light to moderate trade volume developed in several areas of cattle feeding country Friday. Late-week sales ranged from $107 to $108 on a live basis, $1 to $2 higher than midweek, and generally $1 to $2 lower than last week. The National hog base closed off $0.19 compared with the Prior Day settlement ($68-$78.50, weighted average $76.69). From Friday to Friday, livestock futures scored the following changes: Jun LC off $1.27; Aug LC up $0.82; Aug FC up $2.12; Sep FC up $1.13; Jul LH up $3.05; Aug LH up $1.08. Corn futures closed a nickel plus higher despite USDA reports that looked somewhat negative (corn acers totaled 89.13 million; June 1 corn stocks totaled 5.3 billion bushels), supported by hot weather worries in areas experiencing pollination. The stock market closed higher with the Dow up 55 points and the Nasdaq better by 6.