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DTN Closing Livestock Comment 05/24 16:06

24 May 2022
DTN Closing Livestock Comment 05/24 16:06 Depressed Corn Prices Opens Gate to Higher Close for Feeders Heading into Wednesday's market, the feeder cattle contracts will closely be watching the grain sector to see if keeps with its descend as it worries about export opportunities. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The corn market's weakness allowed for the feeder cattle contracts to gain a significant $2.00 to $3.00 through Tuesday's trade. The live cattle contracts rounded out the day mostly higher, seeing just modest pushback in their nearby contracts. The lean hog complex saw its contracts close lower but the market's pork cutouts and cash market both saw substantial support, which could mean that the market stands a chance at trading higher come Wednesday. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $6.33 with a weighted average of $112.58 on 8,900 head. July corn is down 14 1/2 cents per bushel and July soybean meal is up $4.60. The Dow Jones Industrial Average is up 48.38 points.