DTN Closing Livestock Comment 06/18 16:17
Livestock Futures Close Mixed After Early Support Fizzles Out
Livestock futures saw strong support early Tuesday, but trade turned mixed
later in the day. Deferred futures held onto gains, but nearby lean hog and
live cattle futures closed lower.
By Rick Kment
GENERAL COMMENTS: Live cattle and lean hog futures saw strong support early
Tuesday, but pressure developed in nearby contracts later in the day as traders
covered positions. A pullback in grain futures helped spark interest in feeder
cattle and led to strong gains in deferred live cattle and hog futures. Cash
cattle trade remains undeveloped Tuesday afternoon with only limited bids. Bids
are seen at $109 live and $175 dressed. Asking prices are still well above
these levels at $112 to $115 live and $185 and higher dressed. It is uncertain
if trade will develop Wednesday, or if feeders will hold out until later in the
week. The National Daily Direct afternoon hog report was $0.46 lower ($67-$78
per cwt, weighted average $75.68) on 15,735 head sold. Corn futures shifted
lower Tuesday with July down 5 cents per bushel. The Dow Jones Index was 353
points higher with the NASDAQ up 108 points.
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