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DTN Closing Livestock Comment 05/23 15:43
   Hog Futures Rally on Strong Commercial Support

   Strong buyer support quickly moved back into nearby lean hog futures trade.
This pushed June and July lean hog contracts above the $80 per cwt price level
and sparked underlying buyer support in most contract months. Cattle trade
quickly turned lower in most contracts as traders backed away from aggressive
early week gains seen Monday. This lack of follow-through support limited the
longer-term focus seen in the market and potential to stabilize cash cattle
markets.

By Rick Kment
DTN Analyst



   GENERAL COMMENTS

   Cash cattle are still silent with bids and asking prices unreported on
either side at this point of the afternoon. The fact that packers and feedlot
managers are playing coy ahead of the Memorial Day holiday weekend is likely
pointing to the fact that either many expect it will be a very late-week affair
or that business will be done quickly and efficiently once bids and offers do
come to the table later in the week. Trade will be delayed until the second
half of the week sometime, but most would likely desire it to be earlier than
later. According to the closing report, the national hog base is unreported due
to confidentiality. The corn futures moved lower in light activity. July
futures were 5 cents Lower Tuesday. The Dow Jones Index is 44 points higher
with the Nasdaq up 3 points.
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