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DTN Closing Livestock Comment 02/11 16:34
   Outside Markets Help to Tank Cattle Futures

   Live and feeder cattle futures settled with triple-digit losses, pressured
by outside markets and signs of feedlot weakness. But lean hog issues closed
solidly higher, supported by consistent strength in the late winter cash trade.

By John Harrington
DTN Livestock Analyst


   Moderate cattle trading developed in most areas with feedlot managers
reluctantly accepting lower bids in the face of bearish futures and outside
markets. Most live business in the South was marked at $133, $3 lower than last
week. Dressed deals in the North were mostly $4 lower at $206. According to the
closing report, the Iowa hog base is 0.56 higher compared with the Prior Day
settlement ($52.00-64.50, weighted average $63.64). Corn futures settled
fractionally lower, depressed by another round of bearish export sales. U.S.
equities closed lower, but well off their lows, as investors digested a massive
global sell-off, falling oil prices, and chatter about a possible OPEC
production cut. The Dow closed 254 points lower with the Nasdaq down by 16.
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