DTN Closing Livestock Comment 06/03 16:05

DTN Closing Livestock Comment 06/03 16:05 Market Weakness Continues Monday Despite firm buyer support early Monday morning, underlying pressure over the last couple of weeks lent weakness to the entire complex. Hog futures carried the brunt of the pressure with fall contracts sliding over $2 per cwt lower in moderate trade. Mixed feeder cattle action was little support the first trading session of June. By Rick Kment DTN Analyst GENERAL COMMENTS: Moderate-to-strong pressure continued to develop Monday especially in lean hog futures. Initial support developed early Monday, following rolling to June, but then buyer support quickly eroded, allowing for additional selling pressure before the end of the session. Corn futures moved lower in light trade. July futures fell 2 3/4 cents per bushel. Dow Jones Index is 4 points higher with Nasdaq down 120 points. Light trade is reported in Kansas late Monday afternoon with sales at $113 per cwt. This is $2 per cwt lower than last week. At this point, the amount of cattle reported at this price is not enough to suggest a market trend, but the bearish shifts in fed cattle futures as well as general weakness in beef values are pointing to steady-to-lower prices. Showlists appear to be generally larger in all areas but Texas. Asking prices are still hard to pinpoint in many areas, but appear to be around $118 live and $188 dressed. National Daily Direct afternoon hog report is $0.39 lower with a weighted average of $76.27 per cwt. Full range of $69.00 to $78.00 per cwt on 7,905 head sold.