DTN Closing Livestock Comment 05/29 15:59

DTN Closing Livestock Comment 05/29 15:59 Active Gains Develop Wednesday Hog futures turned higher late Wednesday with prices pushed to triple-digit gains. Initial selling pressure succumbed to lack of volume, allowing a market vacuum as July futures posted $2 per cwt gains. By Rick Kment DTN Analyst GENERAL COMMENTS: Early pressure Wednesday seemed to rekindle active liquidation through the first couple of hours of trade. Buyers quickly moved into the oversold market, sparking active support in cattle and hog futures. Nearby lean hog futures surged to triple-digit gains, quickly bouncing off of short-term lows, creating longer-term hope of follow-through support at the end of the week. Corn futures slipped lower in light trade. July futures fell 1 1/2 cent per bushel. Dow Jones Index is 221 points lower with NASDAQ down 60 points. Limited cash cattle trade developed Wednesday afternoon at $115 per cwt in Texas and Kansas. Although additional trade is expected, this may set a steady tone for the week. Bids in the North are $116 live and $185 dressed, which may limit overall activity until later in the week. Asking prices remain at $117 to $118 live and $188 and higher dressed. National Daily Direct afternoon hog report is $0.51 lower with a weighted average of $76.35 per cwt. Full range of $71.00 to $78.00 per cwt on 10,231 head sold.