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DTN Closing Livestock Comment 05/28 16:45
   Cattle Futures Explode With Triple-Digit Gains

   Live and feeder gapped sharply higher on the opening and never looked back
thanks to aggressive short covering and technical buying. Lean hog contracts
closed mostly higher with nearbys gaining more ground on deferreds.

By John Harrington
DTN Livestock Analyst


   The cash cattle trade never got off the ground as firm country asking prices
(i.e., $163-$164 in the South, $258-$260 in the North) held far above a few
token bids of $156-$158/$248-$252). According to the closing report, the
national hog base closed $0.76 higher compared with the Prior Day settlement
($70.00-$82.00, weighted average $79.54). The corn trade rebounded with the
help of short covering and profit taking. Generally speaking, the market closed
3-4 cents higher. The stock market closed lower as a lack of resolution on
Greece debt talks and declining transports weighed on investor sentiment. The
Dow closed 36 points lower with the Nasdaq off 8.
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