DTN Closing Livestock Comment 05/04 16:39
Cattle Futures Open Week With Bullish Splash
Triple-digit gains dominated the cattle complex, powered by the growing
premium of the feedlot market. Lean hog contracts finished solidly higher
thanks to constructive seasonal fundamentals and spillover buying from the
By John Harrington
DTN Livestock Analyst
It was a typical Monday in cattle country with activity limited to the
distribution of new showlists. The early May offering appears to be smaller
than the prior week. Few asking prices were suggested around $163 in the South
and $260-plus in the North. According to the closing report, the Iowa hog base
closed $0.81 higher compared with the Prior Day settlement ($64.50-$76.50,
weighted average $75.74). Corn futures drifted several cents lower with selling
pressured tied to ideas of the likely confirmation of solid planting progress.
Equities closed higher on Monday, following positive momentum from Europe, as
investors looked to Federal Reserve speeches and economic data for signals on
the timing of a rate hike. The Dow closed 46 points higher with the Nasdaq
better by 11.
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