DTN Closing Livestock Comment 05/27 16:20
Live and Feeder Contracts Roll Solidly Higher
The cattle complex scored impressive gains at midweek with triple-digit
gains dominating the feeder pit. On the other hand, the lean hog pit settled on
a mixed basis with nearbys gaining ground on deferreds.
By John Harrington
DTN Livestock Analyst
Besides a few token bids (e.g., $156-$157 basis the South), feedlot country
remained very quiet. Showlists were priced around $163-$164 in the South and
$258-$260 in the North. According to the closing report, the Iowa hog base
closed $0.77 higher compared with the Prior Day settlement ($69.00-$81.25,
weighted average $79.99). With the new corn crop off to a great start, the
market is having a tough time attracting new buyers. Contracts closed generally
6 cents lower with spot July just a few pennies above its contract low. U.S.
stocks closed higher, recovering from Tuesday's sell-off, as encouraging Greece
headlines. The Dow closed 121 points higher with the Nasdaq better by 73.
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