DTN Closing Livestock Comment 07/12 15:57

DTN Closing Livestock Comment 07/12 15:57 Outside Bullishness Affects Livestock Prices Cash cattle business took an upward swing Friday afternoon. Live cattle and lean hog futures similarly gained during a week of overall economic enthusiasm. Feeder cattle, on the other hand, moved downward when the corn market jumped up by double digits. By Elaine Kub DTN Contributing Analyst GENERAL COMMENTS: From Friday to Friday, livestock futures scored the following changes: August live cattle up $1.48, October live cattle up $1.90, August feeder cattle up $2.78, September feeder cattle up $3.85, July lean hogs down $1.08, August lean hogs up $3.60. Cash cattle business conducted on Friday afternoon took place $2 higher than last week, with most of the volume of dressed sales hitting $182 and a smaller volume at $183 (set for delivery the week of July 22). Firm asking prices around $113 (live) have led to a Friday afternoon standoff in the South. The closing summary showed the national hog base at $0.16 higher ($56-$71, weighted average $67.99). September corn futures closed 10 cents higher Friday and 15 1/2 cents higher for the week. Soybean meal similarly gained $2.50 Friday and $9 through the week. The stock market (S&P 500) had a bullish, record-setting week and closed at a fresh record high: 3,013 points.