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DTN Closing Livestock Comments 05/20 15:54
Cattle Futures Reverse Lower Opening to Close With Decent Progress
The cattle complex closed significantly higher, supported by midmorning
short covering and further evidence of seasonally strong beef demand. Lean hog
futures recovered part of Friday's sell-off as traders refocus on the recent
parade of bullish fundamentals.
By John Harrington
DTN Livestock Analyst
GENERAL COMMENTS:
The cash cattle trade was typically all show and no go Monday with activity
restricted to the distribution of new showlists. Ready numbers appear to be
generally larger, especially in Kansas and Texas. Some cattle feeders priced
fed inventory around $127 in the South and $203-$205 in the North. According to
the closing report, the Iowa hog base closed $2.62 lower compared with the
Prior Day settlement ($84.46-$92.00, weighted average $90.47). Corn futures
settled with mixed prices (i.e., 1-3 cents lower in old crop, about a penny
higher in new crop) as traders positioned ahead of the latest after the Dow and
S&P 500 hit fresh all-time highs early in the session. The Dow closed 19 points
lower with the Nasdaq off 2.
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