By DTN/The Progressive Farmer
Tue 14 May 2013 17:30:00 CT
DTN Closing Livestock Comments 05/14 16:55
Summer Lean Futures Spike Higher
Aggressive buying sponsored triple-digit gains in nearby lean hog contracts.
On the other side of the trading floor, live and feeder futures settled on a
mixed basis with the former pit finishing mostly in the red.
By John Harrington
DTN Livestock Analyst
The cash cattle trade was about as dead as it gets with both bids and asking
prices poorly defined. According to the closing report, the Iowa hog base
closed $1.82 higher compared with the Prior Day settlement ($85.00-$93.01,
weighted average $90.04). Corn futures lost 1-3 cents lower in the main,
checked by profit taking in the wake of Monday's substantial rally. The stock
market closed at fresh all-time highs, led by big gains in financials, after
widely followed hedge fund manager David Tepper said he is "definitely bullish"
on stocks. The Dow closed 123 points higher with the Nasdaq better by 23.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.