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DTN Closing Livestock Comment 08/29 16:05
   Cattle Futures Close Sharply Higher on Positive Cash News

   For the most part, triple-digit gains dominated the cattle complex. Trade
was supported by aggressive short-covering and signs of greater packer spending
in the country. Lean hog contracts also settled significantly higher with
nearbys gaining ground on deferreds.

By John Harrington
DTN Livestock Analyst


   Although they waited until the last moment, short-bought packers were forced
to spend more money on ready cattle. Light to moderate trade developed in all
areas. Live sales in the South ranged between $155 and $156, $3 to $4 higher
than last week. Dressed business in the South was mostly marked at $245,
generally $3 higher than last week's weighted average basis Nebraska. According
to the closing report, the Iowa hog base is $2.07 higher compared with the
Prior Day settlement ($85.00-$93.50, weighted average $92.60). Corn futures
closed lower, down 2 3/4 in the September, down 4 1/2 in the December through
May contracts.
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