CLOSING LIVESTOCK COMMENTS
Rick Kment, DTN Livestock Analyst
GENERAL COMMENTS: According to the closing report, the Iowa hog base is $0.10 higher compared with the Prior Day settlement ($111.00-$117.50, weighted average $115.83). Corn futures regained Monday's drop, closing 5 1/2 to 8 1/4 higher.
LIVE CATTLE: Futures closed higher, up 25 to 82. Buyer support redeveloped on "Turnaround Tuesday." Increased focus on firming boxed beef values and the anticipation of stronger summer demand for beef continues to draw buyers back into the complex. April futures posted narrow gains, but continue to hold a significant premium to the June contract which will soon take the position of spot month futures contract. Beef cut-outs: higher (choice, $231.21, up $2.15; select, $219.62, up $1.55) with moderate to fairly good demand and light offerings (51 loads of choice cuts, 45 loads of select, 5 loads of trimmings, 16 loads of ground beef).
WEDNESDAY'S CASH CATTLE CALL: Steady. Cash cattle trade remains inactive Tuesday with bids still undeveloped. Recent support in futures prices and strength in boxed beef values is likely to add even more support to asking prices. Trade may easily be pushed off until the last couple days of the week.
FEEDER CATTLE: Futures closed higher, up 25 to 92. Aggressive gains near midday eased slightly just before closing bell, as traders appear to be covering positions. Traders are looking at longer-term support in both live cattle futures as well as firming beef values ahead of and well into the seasonal summer demand season. Late summer and early fall feeder cattle contracts remain the most supportive as traders continue to focus on light long-term cattle numbers available to the market. CME Feeder Cattle Index 04/21 177.13, steady.