DTN Closing Livestock Comments 05/24 15:46
Cattle Futures Soar on Late-Week Short-Covering
The live and feeder cattle pits closed sharply higher, supported by
aggressive short-covering and a general lack of selling interest. Lean hog
futures finished moderately higher, supported by strong fundamentals and ideas
of further strength through the first half of the summer.
By John Harrington
DTN Livestock Analyst
From Friday to Friday, livestock futures scored the following changes: June
LC, up 1.17; Aug LC, up .67; Aug FC, up 1.18; Sep FC, up .97; June LH, up 3.35;
July LH, up 2.33. Light cattle trade developed in parts of the North with most
dressed deals marked at $199 to $200, roughly $1 to $2 lower than last week's
weighted average basis Nebraska. Final trade volume totals were relatively
small, suggesting feedlots will carry over significant numbers into next week.
According to the closing report, the Iowa hog base closed .11 lower compared
with the Prior Day settlement ($83.78-93.00, weighted average $90.21). Corn
futures settled mostly 1 to 3 higher; spot July was 4 3/4 lower.
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