DTN Closing Livestock Comment 07/06 17:04

DTN Closing Livestock Comment 07/06 17:04 Bullish Cattle Balloons Get Popped Late After trading significantly higher through most of the session, selling surfaced late in the day and caused live and feeder contracts to close moderately lower. Spooked by eroding cash bids and the intensifying trade war, lean hog futures closed mostly lower with nearbys losing ground to deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS The cash cattle trade jumped forward Friday as short-bought packers found it necessary to quickly move toward higher asking prices. Live sales in the South were marked at $112-$113.50, $4.50-$6 higher than last week. Dressed deals in the North ranged from $175-$180, $5-$10 higher than the week before. When the smoke cleared, moderate to active trade volume seemed evident in all major feeding states. According to the closing report, the national hog base is $0.10 lower ($70-$78, weighted average $76.61). Corn futures closed as much as 8 cents higher, supported by spillover bullish from the bean trade and ideas of hot and dry conditions over critical growing areas through the middle of the month. The stock market closed higher with the Dow 99 points higher and the Nasdaq better by 101.