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DTN Closing Livestock Comment 08/01 16:38
   Cattle Futures Close Significantly Lower Despite Cash Premiums

   Live and cattle futures closed sharply lower, pressured by long liquidation,
technical selling, and worries over late-summer beef demand. Lean hog contracts
closed mixed with deferreds generally gaining on nearby contracts.

By John Harrington
DTN Livestock Analyst



GENERAL COMMENTS:

   Light to moderate trading developed in most areas of cattle feeding country
Friday. Prices seemed generally steady, though in some areas it was difficult
to put together a meaningful market test. Most live deals in the South were
marked at 163.00, generally steady with last week's weighted average. Dressed
sales in the North ranged from $255.00-$258.00. Last week's weighted average
was $256.86. According to the closing report, the Iowa hog base closed 1.62
lower compared with the Prior Day settlement ($111.00-121.00, weighted average
$119.56). Corn futures closed generally 0.04 lower, pressured by foreign demand
concerns and sharply lower feed prices. The stock market closed lower with the
S&P recording its worst weekly loss since June 2012. Investors appear to be
disappointed by the jobs report as well as Thursday's ugly sell-off. The Dow
closed 69, with the Nasdaq off by 17. From Friday to Friday livestock futures
scored the following changes: Aug LC, Off 1.80, Oct LC, Off 3.80; Aug FC, Up
2.02; Sep FC, Up .65; Aug LH, Off 5.60; Oct LH, Off 4.45.
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