DTN Closing Livestock Comment 05/23 15:43

DTN Closing Livestock Comment 05/23 15:43 Hog Futures Rally on Strong Commercial Support Strong buyer support quickly moved back into nearby lean hog futures trade. This pushed June and July lean hog contracts above the $80 per cwt price level and sparked underlying buyer support in most contract months. Cattle trade quickly turned lower in most contracts as traders backed away from aggressive early week gains seen Monday. This lack of follow-through support limited the longer-term focus seen in the market and potential to stabilize cash cattle markets. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle are still silent with bids and asking prices unreported on either side at this point of the afternoon. The fact that packers and feedlot managers are playing coy ahead of the Memorial Day holiday weekend is likely pointing to the fact that either many expect it will be a very late-week affair or that business will be done quickly and efficiently once bids and offers do come to the table later in the week. Trade will be delayed until the second half of the week sometime, but most would likely desire it to be earlier than later. According to the closing report, the national hog base is unreported due to confidentiality. The corn futures moved lower in light activity. July futures were 5 cents Lower Tuesday. The Dow Jones Index is 44 points higher with the Nasdaq up 3 points.