DTN Closing Livestock Comment 05/30 16:20

DTN Closing Livestock Comment 05/30 16:20 Feeder Cattle Futures Tumble to Limit Losses Nearby cattle futures tumbled to limit losses Thursday. This pressure spilled over to the live cattle trade. By Rick Kment DTN Analyst GENERAL COMMENTS: Sharp losses swept through cattle trade Thursday with feeder cattle futures falling limit lower in late-day trade. The continued weakness in feeder cattle trade and uncertainty about corn supplies sparked additional pressure in live cattle futures. Hog futures closed mixed Thursday after regaining limited support from morning losses. Light-to-moderate trade has developed through the South at $115 per cwt. This is steady with Wednesday's price levels and generally steady with last week. A few deals were seen in the North on a live basis with prices $116 per cwt also steady. Bids are seen at $185 to $186 dressed through the North, although limited activity is seen at this point. There is talk about a few deals for delayed delivery developing at $186 per cwt through late afternoon. Asking prices remain firm at $117 dressed and $188 live despite the sharp futures losses. The National Daily Direct afternoon hog report was unreported at this time due to delays. Corn futures surged higher in active trade with July up 17 cents per bushel. The Dow Jones Index was 43 points higher with the NASDAQ up 20 points.