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DTN Closing Livestock Comment 08/27 16:04
   Cattle Futures Finally Catch Major Bounce of Recovery

   For the most part, the cattle complex settled significantly higher,
supported by aggressive short covering and pre-cash positioning. In contrast,
lean hog issues finished no better than mixed with nearbys generally losing
ground to deferreds.

By John Harrington
DTN Livestock Analyst


   Cattle buying interest remained quite guarded with packers bid (i.e., $144
in the South, $225-$228 in the North) far below asking prices (i.e., $150 in
the South, $236 plus in the North). According to the closing report, the Iowa
hog base is $1.22 lower compared with the Prior Day settlement ($67.25-$74.50,
weighted average $73.25). The corn market settled 2-3 cents higher, possibly
supported by spillover strength from the bean pit and ideas of
lower-than-expected yields. The stock market closed more than 2% higher in a
second straight day of recovery from its recent plunge. The Dow jumped by 369
points with the Nasdaq up 115.
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