DTN Closing Livestock Comment 05/24 16:13
Hog Futures Tumble Late Friday
Lean hog futures tumbled late Friday. Cattle futures closed mixed in a
narrow range ahead of the USDA Cattle on Feed report.
By Rick Kment
GENERAL COMMENTS: Cattle on Feed numbers were increased to the highest
levels reported in May, but were well off pre-report estimates. Limited
direction was seen ahead of the report Friday. Additional market shifts could
be seen next week, as traders have the entire three-day weekend to mull over
report numbers and their potential impact. Cash cattle activity was quiet
Friday afternoon following moderate-to-active trade Wednesday and Thursday.
Cash cattle sold at $114 to $116 live and $184 to $185 dressed. This is
generally steady to $2 per cwt lower than last week. Both sides are going back
to the drawing board over the long holiday weekend, although limited interest
is expected early next week with showlist distribution and inventory-taking the
main focus Tuesday. The National Daily Direct afternoon hog report was $2.51
lower ($72-$80, weighted average $77.97) on 5,481 head sold. Corn futures
surged higher in active trade with July up 14 1/2 cents per bushel. The Dow
Jones Index was 95 points higher with the NASDAQ up 8 points.
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