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DTN Closing Livestock Comment 06/26 16:48
   Live Cattle Futures Follow Feeder Cattle Prices Higher

   Feeder cattle futures moved limit higher Wednesday, leading to triple-digit
gains in all cattle futures. This bounce off of recent lows may be the trigger
traders have been looking for to break away from the weaker pattern.

By Rick Kment
DTN Analyst

   GENERAL COMMENTS: Buyers flooded into the cattle trade Wednesday, pushing
futures higher. Feeder cattle futures led the complex higher with the August
contract closing limit up. Hog futures remained mixed in limited trade. Cash
cattle interest was at a standstill Wednesday with a few bids still seen from
the morning at $107 live and $174 to $175 dressed basis. Packers may purchase
fewer cattle next week due to the holiday on Thursday. That being said, at
least light trade is expected in all areas over the next two days, although
shifts in market direction are not likely. The National Daily Direct afternoon
hog report is $1.39 lower than the prior day settlement ($62-$74.50, weighted
average $70.68) on 8,441 head sold. Corn futures ended lower Wednesday in
limited trade with July down 4 1/4 cents. The Dow Jones Index was 11 points
lower with the NASDAQ up 25 points.
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