DTN Closing Livestock Comment 07/30 16:27
Livestock Markets Feeling the Dog Days of Summer
Heading into next week's trade, the cash cattle market hopes to find more
support than it did this past week.
DTN Livestock Analyst
It was a mixed week for the livestock complex as boxed beef demand should
have spurred higher cash cattle trade, but the market didn't make the full
connection. Feeder cattle prices continued to see robust interest from buyers
in the countryside, but, technically, the market neglected to find the support
it needed. In the lean hog market, a sideways trending pork cutout value didn't
add much gusto the futures market trade. Hog prices closed lower on the
National Direct Afternoon Hog Report, down $0.88 with a weighted average of
$101.70 on 3,010 head. December corn is down 11 1/4 cents per bushel and
December soybean meal is down $5.50. The Dow Jones Industrial Average is down
149.19 points and NASDAQ is down 105.58 points.
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