DTN Closing Livestock Comment 05/31 16:14

DTN Closing Livestock Comment 05/31 16:14 Livestock Market Losses Continue Friday Livestock futures turned even uglier through the end of May with triple-digit losses holding in cattle and hog futures at the end of trade Friday. The recent grain market rally and continued trade issues have traders running for the doors. By Rick Kment DTN Analyst GENERAL COMMENTS: Limited movement early Friday left the door open for increased market volatility late in the day. Aggressive selling developed in all livestock markets. Feeder cattle futures led the market tumble with the August contract down $5.10 per cwt as traders took advantage of expanded trading limits. From Friday to Friday, livestock futures scored the following changes: Jun LC off $2.70; Aug LC off $4.88; Aug FC off $10.10; Sep FC off $9.80; Jun LH off $4.70; Jul LH off $2.03. Cash cattle activity remains quiet Friday afternoon, as it appears both sides are done for the week following moderate trade Wednesday and Thursday. A few bids remain at $115 live and $186 dressed, but given the late-day freefall in futures trade, these are not likely available at this point. Asking prices are at $116 and higher live and $188 dressed, but both sides appear willing to wait until early June before additional activity develops. The National Daily Direct afternoon hog report was $0.88 lower ($70-$78, weighted average $76.70) on 11,612 head sold. Corn futures were lower in active trade with July falling 9 cents per bushel. The Dow Jones Index was 354 points lower with the NASDAQ down 114 points.