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DTN Closing Livestock Comment 05/25 16:28
   Feeder Cattle Futures Rally Late Friday

   Buyer support moved back into the cattle complex late Friday. The support
developed following the early release of the cattle on feed report, which
posted a 92% cattle placement compared to year ago levels. Light buyer interest
was seen in most other livestock futures despite the limited trade activity.

By Rick Kment
DTN Analyst



   GENERAL COMMENTS

   From Friday to Friday, livestock futures scored the following changes: Jun
LC, up $2.25; Aug LC, up $4.08; Aug FC, up $7.30; Sep FC, up $6.65; Jun LH, off
$0.50; Jul LH, up $0.30. Cash cattle trickled into some parts of the market
through early afternoon Friday. Trade is seen in the North at $177 dressed
basis and $110 live. Current prices are generally $6 per cwt below week ago
levels. Bids are still seen at this time in the South at $110 per cwt, but no
significant trade has yet developed. It is likely that some activity may be
seen late afternoon or Friday evening, but trade volume may remain extremely
light. The combination of reduced schedules next week, due to the Memorial Day
holiday and previous sales in May sold for delayed delivery, may keep packers
from aggressively sourcing cattle. This is still well below asking prices of
$115 and higher in the South, and $182 to $185 in the North. At this point it
appears that trade will be delayed until well into Friday. According to the
closing report, the national hog base is $0.35 higher compared with the Prior
Day settlement ($58.00 to $66.00) weighted average $65.07. The corn futures are
higher in light activity. July futures were 1 3/4 cents higher Friday. The Dow
Jones Index is 58 points lower with the Nasdaq up 9 points.
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