DTN Closing Livestock Comments 05/22 15:51
Lean Hog Futures Explode Thanks to Impressive Fundamentals
Lean hog futures closed sharply higher with nearby June and July closing
above 100-day moving averages. Cash premium and impressive product demand
proved to be major bullish factors. On the other hand, cattle futures collapsed
thanks to aggressive technical selling and cash market worries.
By John Harrington
DTN Livestock Analyst
Light to moderate cattle trading surfaced in parts of the South at $124, $1
lower than last week. Attractive basis opportunities caused some risk managers
to lower initial asking prices. In other areas, the cash trade remained at a
standstill with bids and asking prices separated by as much as $4 to $5.
According to the closing report, the Iowa hog base closed $4.93 lower compared
with the Prior Day settlement ($82.00-91.50, weighted average $87.09). Corn
futures closed higher, up 96 to 184.
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