DTN Closing Livestock Comment 05/20 15:34
Limited Movement Keeps Volume Light
Strong early losses in feeder cattle futres slowly but steadily eroded
through the session with traders adjusting from Friday's market swings. Limited
market direction developed in all livestock futures as cattle pressure was
offset by moderate hog market gains.
By Rick Kment
DTN Analyst
GENERAL COMMENTS: Cattle futures posted moderate losses in most contracts
with feeder cattle closing 70 to 80 cents per cwt. Although late-day market
shifts cut initial pressure in half, the weaker tone and lack of follow-through
buyer interest from Friday's rally is causing traders to pause and wait for
additional information later in the week. Hog futures remain mixed as limited
buying was driven from deferred contracts and the focus is on long-term demand
growth. Corn futures posted moderate gains in light trade. July futures added 5
3/4 cents per bushel. Dow Jones Index is 84 points lower with Nasdaq down 105
points.
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