DTN Closing Livestock Comment 05/24 16:06
Depressed Corn Prices Opens Gate to Higher Close for Feeders
Heading into Wednesday's market, the feeder cattle contracts will closely be
watching the grain sector to see if keeps with its descend as it worries about
export opportunities.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
The corn market's weakness allowed for the feeder cattle contracts to gain a
significant $2.00 to $3.00 through Tuesday's trade. The live cattle contracts
rounded out the day mostly higher, seeing just modest pushback in their nearby
contracts. The lean hog complex saw its contracts close lower but the market's
pork cutouts and cash market both saw substantial support, which could mean
that the market stands a chance at trading higher come Wednesday. Hog prices
closed higher on the Daily Direct Afternoon Hog Report, up $6.33 with a
weighted average of $112.58 on 8,900 head. July corn is down 14 1/2 cents per
bushel and July soybean meal is up $4.60. The Dow Jones Industrial Average is
up 48.38 points.
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