DTN Closing Livestock Comment 06/15 15:58

DTN Closing Livestock Comment 06/15 15:58 Thursday's Gains in Outside Markets Rattled Livestock Markets Aggressive gains in grain, energy and stock markets left livestock traders generally on the sidelines, waiting to see the next steps in outside markets. Feeder cattle futures posted the most aggressive pressure, directly impacted by sharp gains in corn trade. Lean hog and live cattle trade remained relatively quiet with limited movement and expected light volume. Rick Kment DTN Analyst GENERAL COMMENTS: Hot and dry forecasts across much of Corn Belt Thursday pushed most of the market focus on the aggressive rally in grain trade. Corn futures rallied 15 to 25 cents per bushel, while soybean prices posted aggressive gains from 40 to 57 cents per bushel. The concern that these weather patterns will significantly impact supply levels left many livestock trades content to remain on the sidelines through most of the session Thursday. Feeder cattle was most directly affected based on the relationship to the corn market, although minimum price movements seen in live cattle trade seemed to focus more on the limited but downward pressure put on prices over the last couple of days. Hog prices closed higher on the Daily Direct Afternoon Hog Report, down $0.94 with a weighted average price of $93.32 on 9,159 head. July corn is up 15 cents per bushel and July soybean meal is up $0.40. The Dow Jones Industrial Average is up 455.20 points.