DTN Closing Livestock Comment 06/12 15:52

DTN Closing Livestock Comment 06/12 15:52 Strong Early Week Gains for Live Cattle and Lean Hog Futures Triple-digit gains developed in live cattle and lean hog futures Monday as buyers firmly stepped back into the market. Renewed support in outside markets, including stock markets, helped to create wider spread movement across the livestock markets. Rick Kment DTN Analyst GENERAL COMMENTS: Lean hog futures led the livestock complex higher Monday with triple-digit gains seen in July through February 2024 contracts as August futures rallied $3.42 higher in active support. Firm buyer support in outside markets stimulated buyer support with corn prices surging higher while stock markets posted triple-digit gains in both the Dow Jones and Nasdaq. There remains uncertainty as to how much commercial follow-through support will develop through the rest of the week as traders closely monitor meat and cash price fundamental shifts over the next couple of days. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $7.72 with a weighted average price of $93.24 on 2,415 head. July corn is up 13 cents per bushel and July soybean meal is up $0.20. The Dow Jones Industrial Average is up 189.87 points.