DTN Closing Livestock Comment 05/09 15:21

DTN Closing Livestock Comment 05/09 15:21 Late Day Buying Develops Thursday Late day buying moved into all trade with hog futures reversing from early morning losses to triple-digit gains in several contract months. The ability to close the session higher may change trade interest late in the week. By Rick Kment DTN Analyst GENERAL COMMENTS: Livestock futures spent most of the session sharply lower with lean hog trade leading the way based on concerns surrounding limited China sales. Moderate to strong buyer support moved back into the complex late in the session, which sparked aggressive lean hog gains. Cash cattle trade remained quiet Thursday, as most of the business for the week is likely to be done. With trade developing Tuesday and Wednesday, prices have seen significant market pressure. Live cattle trade developed at $120 per cwt, $2 to $3 per cwt lower than last week, while dressed trade ranged from $185 to $195 per cwt (mostly $190 to $194), as much as $8 per cwt lower than last week. There could still be some clean up trades seen Friday, although the underlying pressure in the complex is expected to limit overall market activity. National Daily Direct afternoon hog report is $0.09 higher with a weighted average of $79.74 per cwt. Full range of $72.00 to $83.00 per cwt on 7,944 head sold. Corn futures fell in light trade. July futures fell 11 cents per bushel. Dow Jones Index is 137 points lower with Nasdaq down 27 points.