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DTN Closing Livestock Comment 06/23 16:20
   Live and Feeder Cattle Temporarily Benefit From Late-Week Short-Covering

   The cattle complex staged a late-week recovery, supported by pre-report
short-covering and profit-taking. On the other hand, lean hog futures settled
mostly lower with August losing ground to both spot July and deferreds.

By John Harrington
DTN Livestock Analyst


   The cash cattle trade was very quiet Friday with both bids and asking prices
difficult to identify. Given sharply lower sales at midweek, some producers
simply decided to carry cattle over into Monday rather than entertain still
lower packer bids. The national hog base closed off $0.29 compared with the
prior day settlement ($83.50-$88.25, weighted average $85.85). From Friday to
Friday, livestock futures scored the following changes: Jun LC Off $2.50; Aug
LC Off $2.90; Aug FC Off $2.92; Sep FC Off $2.95; Jul LH Up $2.98; Aug LH Off
$0.47. Corn futures closed generally a nickel lower, further pressured by
predictions of near-ideal growing weather. Note that December corn set a new
low for 2017 (i.e. $3.74). The stock market closed on a mixed basis with the
Dow off 2 points and the Nasdaq off by 28. `
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