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DTN Closing Livestock Comment 05/22 17:16
   Livestock Futures Hold Narrow Losses in Limited Trade

   Light pressure developed in livestock markets late Wednesday following mixed
trade. Cash cattle trade started to develop in most areas with prices steady to
$2 per cwt lower.

By Rick Kment
DTN Analyst

   GENERAL COMMENTS: Buyers attempted to step back into the livestock markets
Wednesday, but were unable to push futures higher at closing bell. However,
increased market stability was seen as traders focus on firming demand and the
potential to build on previous support through the end of the week. Cash cattle
trade was slowly starting to develop Tuesday with morning trade in the South
seen at $115 per cwt in Kansas and Texas. By the end of the afternoon, packers
had reduced bids in some areas to $114 per cwt, but still gained limited trade
volume. Limited Northern trade sold at $185 dressed basis, which may be enough
to set the tone for the rest of the week. Generally, prices are steady on
dressed trade and $1 to $2 per cwt lower live basis. The National Daily Direct
afternoon hog report was $1.56 lower ($72-$82.50, weighted average $79.27) on
7,055 head sold. Corn futures posted moderate gains in light trade with July up
1/4 cent per bushel. The Dow Jones Index was 100 points lower with the Nasdaq
down 34 points.
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