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DTN Closing Livestock Comment 08/28 16:51
   Cattle Futures Close Tough Week with Triple-Digit Recovery

   Live and feeder cattle contracts closed sharply higher, supported late in
the week by aggressive short covering and recent cash premiums. On the other
hand, lean hog issues settled on a mixed basis with nearbys losing to far
deferreds.

By John Harrington
DTN Livestock Analyst



GENERAL COMMENTS:

   Light-to-moderate cash cattle trading developed in parts of the North with
most dressed prices marked at 228.00, $4.00 lower than last week's weighted
average basis Nebraska. Nebraska also reported some live sales at $145, also $4
lower than last week. The Southern trade has not been tested as of this writing
though bids in Kansas and Texas have improved to $146 (still $2-$4 below asking
prices). According to the closing report, the Iowa hog base closed $1.10 lower
compared with the Prior Day settlement ($69.00-$72.50, weighted average
$72.20). From Friday to Friday, livestock futures scored the following Changes:
Aug LC, Up $1.10; Oct LC, Up $0.12; Sep FC, Up $0.08; Oct FC, Off $0.55; Oct
LH, Up $3.60 Dec LH, Up $3.05. Corn futures closed narrowly mixed with both
sides cautious relative to final yield potential. After a wild week of trading,
U.S. stocks closed on a mixed basis, off 11 points basis the Dow and up 15
points basis the Nasdaq.
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