DTN Closing Livestock Comment 05/12 16:11
Weaker Corn Favors the Cattle Contracts
It was another good day for the cattle contracts as the bearish demeanor in
the corn market allowed for both the live cattle and feeder cattle contracts to
DTN Livestock Analyst
The cattle contracts relished Wednesday's weaker corn trade and were able to
victor another day and close mostly higher. The cash cattle market seems to be
reluctant to throw in the towel this week and has its eye on higher trade as
the market still needs to see more cattle trade this week. Hog prices closed
lower on the National Direct Afternoon Hog Report, down $1.67 with a weighted
average of $115.73 on 11,313 head. July corn is down 7 1/2 cents per bushel and
July soybean meal is up $1.80. The Dow Jones Industrial Average is down 681.50
points and NASDAQ is down 357.75 points.
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