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DTN Closing Livestock Comment 07/27 16:23
   Meat Futures Largely Start Trading Week on the Defensive

   For the most part, live and feeder cattle futures closed sharply lower,
pressured by long liquidation, technical selling, and general commodity
weakness. Lean hog futures finished moderately lower thanks to spillover
selling and a general lack of buying interest.

By John Harrington
DTN Livestock Analyst



GENERAL COMMENTS:

   The cash cattle arena was typically quiet as short-bought packers focused on
the assessment of new showlists. The late-July offering appears to be generally
larger than last week. A few asking prices were suggested around $148 in the
South and $236 in the North, According to the closing report, the Iowa hog base
$1.39 lower compared with the Prior Day settlement ($65.00-$76.00, weighted
average $74.14). Corn futures plunged sharply lower with most contracts
settling 17-19 cents lower. The market struggled in the face of non-threatening
growing weather and general commodity bearishness. Equities closed lower under
pressure from an overnight plunge in the Shanghai Composite and a continued
decline in commodities. The Dow finished 127 points lower with the Nasdaq off
48.
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