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DTN Closing Livestock Comment 08/26 16:12
   Oversold Lean Hog Futures Close Sharply Higher

   The lean hog pit moved further Tuesday to check some of its huge discount to
spot cash by closing significantly higher.  At the same time, cattle futures
settled moderately higher, supported by follow-through buying and the reality
of cash premiums.

By John Harrington
DTN Livestock Analyst


   The cash cattle market didn't have much of a pulse Tuesday with potential
bids and asking prices little more than loose talk. We think some showlists
were priced around $155 in the South and $245-$248 in the North. According to
the closing report, the Iowa hog base is 0.57 lower compared with the Prior Day
settlement ($86.00-$95.00, weighted average $93.59). The corn market drifted
another 3-5 cents lower, pressured by helpful, late-summer rains across much of
the Corn Belt. U.S. stocks rose on Tuesday after better-than-expected reports
(e.g., a huge jump in orders for durable goods) cast favorable light on the
U.S. economy. The Dow set a new all-time high, closing nearly 30 points higher
at 17,106.
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