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DTN Closing Livestock Comment 09/02 16:19
   Lean Hog Futures Surged Sharply Higher

   December through April lean hog issues settled with triple-digit gains,
supported by aggressive short-covering and technical buying. The cattle complex
closed mixed in the live trade and significantly higher in the feeder market.

By John Harrington
DTN Livestock Analyst



GENERAL COMMENTS:

   Cash activity in feedlot country was limited to scattered sales in parts of
the North (i.e., $222 to $225, $2 to $5 lower in a light test). For the most
part, sellers continue to resist lower bids with asking prices around $146 to
$148 in the South and $228-plus in the North. According to the closing report,
the Iowa hog base is $1.22 lower compared with the Prior Day settlement
($64.00-$70.72, weighted average $71.50). The corn market finished 1-2 cents
lower, generally pressured by ideas of an ample harvest and strength in the
dollar. Equities closed sharply higher at midweek, partly recovering from the
worst start to September in 13 years. The Dow bounced 293 points higher with
the Nasdaq recovering by 113.
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