DTN Closing Livestock Comment 05/24 16:39
Cattle Futures Slump Further Thanks to Follow-Through Selling
Live and feeder futures closed mostly lower, pressured by follow-through
selling and defensive pre-holiday expectations for cash and product price
action. Lean hog futures settled on a mixed basis thanks to light
short-covering and bull-spreading.
By John Harrington
DTN Livestock Analyst
Although feedlot country was generally quiet Tuesday, a few starter bids
were scattered across parts of the North ($195-$197) and South ($125). Some
asking prices were suggested around $205-plus in the North and $130-plus in the
South. According to the closing report, the national hog base is $0.29 lower
compared with the Prior Day settlement ($66.00-$75.50, weighted average
$74.33). Corn traded several cents higher through most of the session,
supported by planting delays in parts of the ECB. Yet late profit-taking caused
prices to settle fractionally mixed on the close. The stock market posted its
best day since March with gains of more than 1%. The Dow closed 213 points
higher with the Nasdaq positive by 95.
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