DTN Closing Livestock Comment 05/01 15:46

DTN Closing Livestock Comment 05/01 15:46 Hog Futures Surge Higher Wednesday Lean hog futures were locked limit higher the last half of Wednesday's trading session. Cattle futures eroded despite firm gains early in the session. Additional market shifts are likely through the end of the week. By Rick Kment DTN Analyst GENERAL COMMENTS: Hog futures rallied Wednesday as renewed buyer interest flooded the market at the beginning of May. Most nearby contracts closed with limit gains of $3 per cwt. Cattle futures, on the other hand, closed mixed following bearish fundamental moves in cash and beef values. Feeder cattle trade was also negatively affected by late-day corn buying. Light-to-moderate cash trade was developing in Nebraska at $200 per cwt. This is generally $5 per cwt lower than last week, following the weaker trend seen in the South with the few cattle that sold late Tuesday. Bids are still holding in parts of the South at $123 per cwt, steady with early week trade, but well below last week's levels. Although some additional trade is likely to develop through the end of the week, the tone has been set, which may limit cattle movement over the next couple of days. The National Daily Direct afternoon hog report was $0.01 higher ($72-$83, weighted average $80.46) on 11,844 head sold. Corn futures were higher in light trade with July up 6 cents per bushel. The Dow Jones Index was 167 points lower with Nasdaq down 45 points.