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DTN Closing Livestock Comment 07/28 16:22
   Major Crash in Lean Hog Futures Continues

   Triple-digit losses once again plagued the lean hog trade, powered by
technical selling and bearish fundamentals. The cattle complex ended a four-day
rally by closing significantly lower.

By John Harrington
DTN Livestock Analyst



GENERAL COMMENTS:

   Though packer inquiry improved marginally through the day, the cash cattle
trade remained untested. Generally speaking, bids and asking prices were
separated by at least $6-$6 on a live basis (e.g., $114 versus $120 basis the
South). According to the closing report, the national hog base is $1.19 lower
compared with the Prior Day settlement ($61.00-$68.50, weighted average
$66.62). Corn futures settled 3-4 cents lower, pressured by beneficial showers
over parts of dry Ohio and moderating temperature across much of the growing
area. U.S. stocks closed mostly higher amid declines in oil prices. The Dow
closed 15 points lower with the Nasdaq stronger by 15.
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