DTN Closing Livestock Comment 05/24 16:13

DTN Closing Livestock Comment 05/24 16:13 Hog Futures Tumble Late Friday Lean hog futures tumbled late Friday. Cattle futures closed mixed in a narrow range ahead of the USDA Cattle on Feed report. By Rick Kment DTN Analyst GENERAL COMMENTS: Cattle on Feed numbers were increased to the highest levels reported in May, but were well off pre-report estimates. Limited direction was seen ahead of the report Friday. Additional market shifts could be seen next week, as traders have the entire three-day weekend to mull over report numbers and their potential impact. Cash cattle activity was quiet Friday afternoon following moderate-to-active trade Wednesday and Thursday. Cash cattle sold at $114 to $116 live and $184 to $185 dressed. This is generally steady to $2 per cwt lower than last week. Both sides are going back to the drawing board over the long holiday weekend, although limited interest is expected early next week with showlist distribution and inventory-taking the main focus Tuesday. The National Daily Direct afternoon hog report was $2.51 lower ($72-$80, weighted average $77.97) on 5,481 head sold. Corn futures surged higher in active trade with July up 14 1/2 cents per bushel. The Dow Jones Index was 95 points higher with the NASDAQ up 8 points.