DTN Closing Livestock Comment 05/21 16:37
Cattle Paper Explodes Higher, Excited By Suggestion of Greater Chinese Beef
The cattle complex launched the last full trading week of May with
triple-digit gains. On the other hand, lean hog futures closed moderately
lower, pressured in part by uncertainty surrounding China tariffs on U.S. pork
currently in place.
By John Harrington
DTN Livestock Analyst
To no one's surprise, the cash cattle trade was not tested in the early
rounds with buyers and sellers focusing exclusively on the distribution of new
showlists. The late month fed offering looks modestly larger than last week,
with only Kansas showing some declining in ready steers and heifers. According
to the closing report, the national hog base $.13 lower ($59.00 to $65.16,
weighted average $64.76). Corn futures closed fractionally higher, supported by
dry Brazilian weather and sharply higher bean prices. Cheered by a potential
trade war truce, the stock closed sharply higher with the Dow up 298 points and
the Nasdaq in the green by 39.
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