DTN Closing Livestock Comment 05/16 15:35

DTN Closing Livestock Comment 05/16 15:35 Livestock Futures See Late-Day Gains Traders pushed livestock futures higher through the end of the trading session Thursday as they focused on growing pork and beef demand. This offset higher grain prices and disappointing export news. By Rick Kment DTN Analyst GENERAL COMMENTS: Technical support quickly pushed feeder cattle futures off contract lows, sparking active buying throughout the complex. Hog futures rebounded following moderate-to-strong early losses as traders worked through disappointment over export sales cancelations to China and refocused on long-term demand growth. Cash cattle trade started to develop in the North with live trade seen at $117 per cwt. This is $3 per cwt lower than last week, but steady with Wednesday's trade. Dressed trade remained undeveloped Thursday afternoon with bids at $185 to $186 per cwt. It is likely that live trade in the South and North may be wrapped up for the week, with dressed business still needing to be done. Asking prices are still at $120 live and $189 to $190 dressed. The National Daily Direct afternoon hog report was unavailable at the time these comments were posted. Corn futures posted strong gains in light trade with July up 9 1/2 cents per bushel. The Dow Jones Index was 214 points higher with Nasdaq up 72 points.