DTN Closing Livestock Comment 06/04 16:18

DTN Closing Livestock Comment 06/04 16:18 Cattle Futures Surge Tuesday Feeder cattle futures surged by triple digits Tuesday with gains of $4 per cwt or higher seen through most of the complex during morning trade. Though trade was mixed in a narrow range most of the rest of the day, firm gains held at the close. By Rick Kment DTN Analyst GENERAL COMMENTS: Cattle futures quickly surged higher Tuesday as support developed in feeder cattle futures, then quickly moved to live cattle. Triple-digit gains sparked added interest as traders quickly moved back into the complex following the aggressive liquidation over the past month. Hog futures struggled early to find support, but prices moved higher late in the day. Light cash cattle trade continued to be seen Tuesday with prices steady to $1 per lower than Monday's trade at $112 to $113 per cwt. This is generally $2 per cwt lower than last week with most Southern sales at $113 per cwt. Live trade in the North is seen at $114 per cwt, still $2 per cwt lower than last week. Dressed trade is expected to develop later in the week with early bids of $183 per cwt seen in most areas. Asking prices remain at $118 live and $188 dressed. The National Daily Direct afternoon hog report was $0.13 lower ($68-$78, weighted average $75.98) on 10,159 head sold. Corn futures firmed in light trade with July up 1 cent per bushel. The Dow Jones Index was 512 points higher with the Nasdaq up 194 points.