DTN Closing Livestock Comment 05/02 15:59

DTN Closing Livestock Comment 05/02 15:59 Pressure Redevelops in Cattle Markets Feeder cattle futures led cattle markets lower with triple-digit losses. Hog futures held firm early gains, but a lack of bullish news led to an erosion of support by the end of Thursday's session. By Rick Kment DTN Analyst GENERAL COMMENTS: Strong technical pressure redeveloped Thursday with triple-digit losses in feeder cattle adding pressure to live cattle futures. Hog markets firmed early despite no additional U.S. sales to China. But most support eroded through the day as pressure in deferred contracts led to bearish concerns. Cash cattle activity remained quiet midafternoon Thursday following moderate trade in all areas over the previous two days. Cash business is expected to be done with limited additional interest likely to develop before the weekend. Cash cattle prices fell $3 to $5 per cwt from last week's levels with live trade developing at $123 to $124, while dressed trade moved to $198 to $200 per cwt. This may add even more uncertainty early next week given the quickly developing trade. The National Daily Direct afternoon hog report was $1.50 lower ($72-$83, weighted average $78.98) on 9,335 head sold. Corn futures bounced higher in light trade with July up 2 cents per bushel. The Dow Jones Index was 143 points lower with the Nasdaq down 21 points.