DTN Closing Livestock Comment 05/10 16:12

DTN Closing Livestock Comment 05/10 16:12 Cattle Markets Rally to End Week Strong late-week gains in cattle futures helped minimize the early week damage to the cattle market. Limited long-term direction is still keeping many traders on the sidelines, resulting in increased uncertainty. Hog futures struggled to find stability surrounding news of stalled trade talks with China. By Rick Kment DTN Analyst GENERAL COMMENTS: Late-day buying flooded the cattle trade Friday, boosting live cattle and feeder cattle futures by triple digits. A combination of pressure in grains and oversold cattle markets allowed for active buying interest to develop late Friday. Hog futures were mixed in a moderate range following the conclusion of another round of trade talks with China with no clear deal in sight. From Friday to Friday, livestock futures scored the following changes: Jun LC, off $0.97; Aug LC, off $0.25; May FC, up $0.47 Aug FC, up $0.45; May LH, off $1.60; Jun LH, off $3.08. Cash cattle business remained undeveloped at midafternoon Friday following moderate trade in most areas Tuesday and Wednesday. The early week movement of cattle may spark some additional interest from both sides over the next couple of weeks. Cash trade was seen at $120 live basis, $2 to $3 per cwt lower, while dressed trade encompassed a wide range of $185 to $196 per cwt, sharply lower from last week's levels. Cash trade during the week also posted delayed delivery dates, which leads to questions about packers' market expectations through the rest of May. The National Daily Direct afternoon hog report was $0.28 higher ($72-$84, weighted average $80.80) on 11,517 head sold. Corn futures fell in light trade with July down 1 1/2 cents per bushel. The Dow Jones Index was 114 points higher with the Nasdaq up 6 points.