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DTN Closing Livestock Comment 05/24 16:30
   Lean Hog Futures Rally Early But Fade Late

   Despite an early round of buying energy, lean hog futures closed mostly
lower. The cattle complex settled mostly lower, though contracts did finish
well above early session lows.

By John Harrington
DTN Livestock Analyst


   The Fed Cattle Exchange Auction report Wednesday listed a total of 2,648
head, but just half of the cattle actually sold. The weighted averages are as
listed: 1-9 day delivery: 1,086 head, $132.54; 1-17 day delivery 144 head,
$132.50; 10-17 day delivery 133 head, $132.50. Generally speaking, these price
look $2-$3 lower than last week. Beyond this, a light-to-moderate trade
surfaced in parts of the South at $132, roughly $2 lower than area weighted
averages last week, and in parts of the North at mostly $208 dressed, about $5
lower. According to the closing report, the national hog base is $0.50 lower
($66.00-$72.00, weighted average $70.71). The corn trade closed generally 2
cents higher thanks to late buying at the conclusion of a lackluster session.
The stock market closed higher with the Dow up 74 points and the Nasdaq better
by 24.
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