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DTN Closing Livestock Comment 08/03 16:11
   Cattle Futures Open August With Bullish Explosion

   Live and feeder contracts settled sharply higher with triple-digit gains
powered by aggressive short covering, technical buying and ideas of a major
market bottom. In the meantime, hog futures closed with solid gains, supported
by spillover buying and bull spreading interest.

By John Harrington
DTN Livestock Analyst


   Cattle buyers made their assigned rounds, collecting new showlists this
morning and then pretty much went home. The number of ready steers and heifers
appear to be generally steady with last week (i.e., larger in Texas and
Colorado but smaller in Nebraska and Kansas). A few showlists were initially
priced around $151 in the South and $240-plus in the North. According to the
closing report, the Iowa hog base is $1.11 higher compared with the Prior Day
settlement ($65.00-$77.00, weighted average $76.65). Corn futures slipped
another 4-5 cents lower, trimmed by near-ideal growing weather and expectations
of fully steady/firm crop ratings. U.S. stocks closed lower on the first day of
trade for August, pressured by lackluster economic data and a renewed decline
in oil. The Dow closed 91 points lower with the Nasdaq off 12.
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