DTN Closing Livestock Comment 07/01 16:10
1 Jul 2019
DTN Closing Livestock Comment 07/01 16:10 Hog Futures Rally on Trade Hopes Despite the call for caution surrounding the truce in the ongoing trade war, lean hog futures surged higher as active buying moved into the already oversold complex. This may spark additional price swings through the holiday-shortened week. By Rick Kment DTN Livestock Analyst GENERAL COMMENTS: Activity in lean hog futures clearly led movements through the entire livestock complex as traders focused on potential increased pork trade based on trade talks redeveloping with China. Feeder cattle futures surged higher following continued pressure in grain trade. Corn futures ended lower Monday in limited trade. September futures is 9 1/4 cents per bushel lower. Dow Jones Index is 117 points higher with Nasdaq up 84 points. Cash cattle activity remains undeveloped with bids and asking prices yet to be seen. This may force earlier-than-normal trade this holiday week. National Daily Direct afternoon hog report is $0.01 lower with a weighted average of $68.15 per cwt. Full range of $60 to $79 per cwt on 9,745 head sold.