DTN Closing Livestock Comment 05/24 16:30

DTN Closing Livestock Comment 05/24 16:30 Lean Hog Futures Rally Early But Fade Late Despite an early round of buying energy, lean hog futures closed mostly lower. The cattle complex settled mostly lower, though contracts did finish well above early session lows. By John Harrington DTN Livestock Analyst GENERAL COMMENTS The Fed Cattle Exchange Auction report Wednesday listed a total of 2,648 head, but just half of the cattle actually sold. The weighted averages are as listed: 1-9 day delivery: 1,086 head, $132.54; 1-17 day delivery 144 head, $132.50; 10-17 day delivery 133 head, $132.50. Generally speaking, these price look $2-$3 lower than last week. Beyond this, a light-to-moderate trade surfaced in parts of the South at $132, roughly $2 lower than area weighted averages last week, and in parts of the North at mostly $208 dressed, about $5 lower. According to the closing report, the national hog base is $0.50 lower ($66.00-$72.00, weighted average $70.71). The corn trade closed generally 2 cents higher thanks to late buying at the conclusion of a lackluster session. The stock market closed higher with the Dow up 74 points and the Nasdaq better by 24.