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DTN Closing Livestock Comment 07/22 15:39
   Red-Hot Bullishness Storms Through Cattle Complex

   Live and feeder cattle futures closed either limit-up or near limit-up,
exploding in the face of aggressive short covering, ideas of persistent cash
premiums, and a general lack of buying interest. Lean hog contracts settled
mostly higher with spot August attracting the most buying interest.

By John Harrington
DTN Livestock Analyst


   The cash cattle trade declined to move out of the shade Tuesday with neither
buyers nor sellers immediately interested in facing the hot summer sun. That
said, producers seemed to be enjoying themselves more as surging futures seemed
eager to anticipate cash stability/firmness. Some showlists are priced around
$158-plus in the South and $250-plus in the North.  According to the closing
report, the Iowa hog base is $1.63 lower compared with the Prior Day settlement
($122.00-$127.00, weighted average $126.02). Corn futures settled mostly 4
cents lower, pressured further by mounting production potential and few bullish
prospects on the immediate radar. The stock market closed higher, supported by
quarterly earnings and data that cast a benign light on inflation and progress
in the housing market. The Dow finished 61 points higher with the Nasdaq better
by 31.
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