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DTN Closing Livestock Comment 04/24 16:07
   Spring Rains Trigger New Contract Highs in Feeder Pit

   The cattle complex scored decent gains with many feeder issues notching new
contract highs. On the other hand, the lean hog pit settled mostly lower,
pressured by profit taking and uncertain near-term pork demand.

By John Harrington
DTN Livestock Analyst


   Cattle feedlot country stayed far away for cash potential through the day
with most bids and asking prices separated by as much as $6 (e.g., $142 versus
$148 basis Kansas and Texas). According to the closing report, the Iowa hog
base is $0.68 lower compared with the Prior Day settlement ($105.00-$117.00,
weighted average $115.50). Despite supportive export news and solid price
strength in beans and wheat, corn futures settled generally 2 cents lower. The
Nasdaq advanced Thursday as Apple jumped a day after the iPad maker posted
sound results. On the other hand, the broader market held little changed amid
concerns about escalating tension between Russia and Ukraine. The Dow closed
unchanged and the Nasdaq finished 21 points higher.
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