DTN Closing Livestock Comment 05/16 16:45
16 May 2017
DTN Closing Livestock Comment 05/16 16:45 Cattle Futures Continue to Turn Lower Tuesday Livestock futures turned lower Tuesday as traders focus on additional market pressure developing through the complex. Additional pressure developing in beef values is adding to feeder cattle values. Lean hog contracts have posted strong gains. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle markets are generally quiet Tuesday with bids starting to slowly develop through the end of the afternoon in Nebraska. A handful of steers were reported traded in Iowa from $203 to $215 dressed basis, which is not enough to give a good test to the market for the week. But it will hopefully get the ball rolling. According to the closing report, the national hog base is $1.36 higher compared with the Prior Day settlement ($66.00-$73.00, weighted average $71.28). The corn futures remained steady to slightly higher in light activity. May futures were unchanged Friday. The Dow Jones Index is 4 points lower with the Nasdaq up 20 points.