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DTN Closing Livestock Comment 12/02 16:20
   Cattle Futures Hammered by Triple-Digit Losses

   Ignoring early week cash strength, live and feeder cattle futures closed
sharply lower pressured by long liquidation and beef demand worries. On the
other hand, lean hog contracts settled on a mixed basis with spot December
generally gaining on the field.

By John Harrington
DTN Livestock Analyst


   The cash cattle trade was not tested in the late rounds. Although relatively
light trade volume totals suggested the possibility of more business Friday,
the bearish implosion of futures caused both would-be buyers and sellers to
scatter. The national hog base closed $0.77 higher compared with the Prior Day
settlement ($42.50-$48.50, weighted average $47.13). From Friday to Friday,
livestock futures scored the following changes: Dec LC, Off $2.53; Feb LC, Off
$3.33; Jan FC, Off $2.62; Mar FC, Off $1.83; Dec LH, Off $0.30; Feb LH, Off
$2.73. At the conclusion of a bearish week, corn futures managed to recover by
4-5 cents, supported late by light commercial buying and pre-weekend profit
taking. The stock market closed in a narrow range as investors digested the
jobs report and the looming Italian referendum. The Dow closed 21 points lower
as the Nasdaq advanced by 4.
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