CLOSING LIVESTOCK COMMENTS
Rick Kment, DTN Analyst
GENERAL COMMENTS: Corn futures closed mixed, down 7 3/4 to 9 1/2 in the old crop contracts, steady to fractionally higher in the new crop.
LIVE CATTLE: Futures closed higher, up 97 to 130. Strong support developed in the live cattle futures market following triple-digit gains in the feeder cattle market as well sharp early losses in the corn market. June live cattle futures bounced above $121 per cwt, after a 97-cent per cwt rally. All other nearby contracts posted triple-digit gains based on the combination of fundamental and technical support. Beef cut-outs: mixed, up .41 (choice, $210.66) to down $0.44 (select, $192.97), with light to moderate demand and offerings (50 loads of choice cuts, 60 loads of select, 12 loads of trimmings, 24 loads of coarse grinds).
WEDNESDAY'S CASH CATTLE CALL: Steady to $1 Lower. Trade remains at a standstill Tuesday with no bids developing. Despite the desire for both sides to wrap cash trade up early, it could be late in the week before deals are made.
FEEDER CATTLE: Futures closed mostly 190 to 207 higher. Spot May was 62 lower. May feeder cattle futures continued to hold moderate losses with very little trade developing in the front-month contract. Sharp buyer support quickly developed through all other contracts with triple-digit gains recorded on the futures market. Active buyer support is focusing on an oversold futures market, combined by sharp losses in the corn market. CME cash feeder index: 05/20: 131.53, off $0.45.
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