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DTN Closing Livestock Comment 07/21 16:03
   Traders Give Cattle Complex a Bullish Launch

   Live and feeder cattle futures closed with strong gains thanks to aggressive
short covering and the persistence of large cash premiums. On the other hand,
the lean hog pit settled no better than mixed with nearbys losing more ground
to deferreds.

By John Harrington
DTN Livestock Analyst


   Cattle buyers limited early week efforts to the collection of new showlists.
Ready numbers appear to be mixed, somewhat larger in the North and smaller in
the South. A few asking prices were suggested around $158 in the South and $250
plus in the North. According to the closing report, the Iowa hog base is 0.01
higher compared with the Prior Day settlement ($125.00-$128.50, weighted
average $127.65). The corn market continued to slide lower, pressured by
productive growing conditions. Most contracts finished 6-7 cents lower. U.S.
stocks fell as global disapproval of Russian President Putin increased after
the downing of a passenger plane in Ukraine and amid international calls for a
truce in the Israeli-Palestinian conflict. The Dow closed 48 points lower with
the Nasdaq down 7.
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