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DTN Closing Livestock Comment 07/28 16:42
   Feeder Futures Explode to New Record Price Levels

   Feeder cattle futures rocked higher with triple-digit gain, allowing most
contracts to set a new chapter of price history. Losing early sparkle, lean hog
futures closed mostly lower.

By John Harrington
DTN Livestock Analyst



GENERAL COMMENTS:

   As expected, activity in cattle country was restricted to the distribution
of new showlists. Ready numbers are generally larger than last week. Some
asking prices were seen around $168-$170 in the South and $265-$270 in the
North. According to the closing report, the Iowa hog base is $2.99 lower
compared with the Prior Day settlement ($112.00-$126.50, weighted average
$122.38). Corn futures bounced a nickel or so higher Monday, supported by short
covering and spillover buying from the bean pit. The stock market was generally
slow as investors looked to economic reports, earnings and the Federal
Reserve's mid-week policy decision. The Dow closed 22 points higher with the
Nasdaq off 4.
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