DTN Closing Livestock Comment 06/17 16:12
Strong Gains Spark Buyer Interest
Despite initial follow-through pressure, buyers quickly moved back into the
oversold market as traders covered recent short positions. This left
triple-digit gains as limited resistance developed Monday.
By Rick Kment
GENERAL COMMENTS: Triple-digit gains in live cattle and lean hog futures at
midmorning quickly changed the tone of the market. This added volume through
the entire complex, allowing additional momentum to develop late in the day.
Corn futures firmed in light Monday trade. July futures closed 1 3/4 cent per
bushel higher. Dow Jones Index is 22 points higher with Nasdaq up 48 points.
Cash cattle activity is quiet with bids and asking prices unavailable. The
limited trade last week may spark increased overall activity through the next
couple of days, although the short-bought status of packers and firm futures
prices should keep feedlot managers aggressive with cattle offered. Showlists
remain mixed with Kansas showing lighter numbers; increases seen in all other
areas. National Daily Direct afternoon hog report is unavailable at this time.
DTN offers additional daily information available free through DTN Snapshot – sign up