DTN Closing Livestock Comment 05/17 15:46

DTN Closing Livestock Comment 05/17 15:46
   Cattle Futures Rally Friday

   Strong support quickly moved into cattle markets Friday, pushing feeder
cattle futures $2 to $2.62 higher and away from long-term support levels.

By Rick Kment
DTN Analyst



   GENERAL COMMENTS: Cattle markets saw triple-digit gains Friday with feeder
cattle futures leading the surge higher. Hog futures were mixed on a
combination of follow-through buying and position-taking late Friday. From
Friday to Friday, livestock futures scored the following changes: Jun LC off
$1.18; Aug LC up $0.02; May FC off $3.10; Aug FC off $1.32; Jun LH up $2.71;
Jul LH up $2.25. Cash cattle activity remains sluggish with trade likely done
for the week, following light-to-moderate trade in all areas Wednesday and
Thursday. Given the support in futures trade, it is likely both sides will wait
until next week to determine further market direction and activity. The
National Daily Direct afternoon hog report was unavailable at this time due to
submission delays. Corn futures posted moderate gains in light trade with July
up 4 1/4 cents per bushel. The Dow Jones Index was 76 points lower with Nasdaq
down 73 points.