DTN Closing Livestock Comment 05/28 17:00

DTN Closing Livestock Comment 05/28 17:00 Most Hog Futures Fall by Triple Digits Tuesday Active selling quickly swept through the lean hog market Tuesday, pushing most futures contracts triple digits lower. Nearby contracts fell to two-month lows. Cattle futures closed mixed on increased feed costs having a major impact on feeder cattle trade. By Rick Kment DTN Analyst GENERAL COMMENTS: Feeder cattle and lean hog futures fell Tuesday on a lack of market support. Early live cattle support helped to stabilize the market, leaving futures in a mixed range in limited volume. Cash cattle interest remained at a near standstill with bids and asking prices generally undefined going into midweek. The late start to the trade week due to the holiday on Monday has most packers and feed yards willing to wait until later in the week before stepping up with price levels. It is expected that trade may be pushed to the second half of the week, although at this point, some limited Wednesday trade could still develop, but not likely. The National Daily Direct afternoon hog report was $1.07 lower ($72-$78, weighted average $76.90) on 5,482 head sold. Corn futures surged higher in active trade with July up 16 cents per bushel. The Dow Jones Index was 234 points lower with the NASDAQ down 29 points.