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DTN Closing Livestock Comment 09/17 15:31
   Cattle Bulls Stage Midweek Recovery

   Live and feeder cattle futures surged sharply higher with both pits mostly
sorting triple-digit gains at the closing bell. Unfortunately, lean hog
contracts marched aggressively in the opposite direction, pressured by long
liquidation and commercial selling.

By John Harrington
DTN Livestock Analyst


   The cash cattle trade was never in any danger of developing Wednesday as
just a few token bids (e.g., $245 in Nebraska) stayed well below asking prices
of $164 in the South and $253-$255 in the North. According to the closing
report, the Iowa hog base $0.06 lower compared with the Prior Day settlement
($95.00-$106.00, weighted average $104.56). The corn market settled generally
1-2 cents lower, checked by a stronger dollar and the general lack of
constructive news. The stock market rose at midweek after the Federal Reserve
said it was nearing the end of its asset purchases and reiterated it would not
hike interest rates for a 'considerable' period. The Dow closed 24 points
higher with the Nasdaq better by 9.
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