DTN Closing Livestock Comment 05/13 16:00
Live Cattle Remain Skeptical Through Friday
Heading into Monday, feeder cattle will closely watch corn prices and
feedlots will be anxious to see exactly how many cattle traded this week.
DTN Livestock Analyst
Friday was recovering day for the lean hog and feeder cattle contracts, but
the live cattle market wasn't easily persuaded into thinking the same. The live
cattle market has grown concerned about the market's wavering tone of beef
demand as feedlots sit with record numbers on feed and the summer low has yet
to be established. Hog prices closed lower on the Daily Direct Afternoon Hog
Report, down $4.89 with a weighted average of $101.47 on 2,867 head. July corn
is down 10 1/4 cents per bushel and July soybean meal is up $13.30. The Dow
Jones Industrial Average is up 466.36 points.
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