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DTN Closing Livestock Comment 09/18 15:42
Hog Futures Rally
Strong support exploded in nearby lean hog futures early Tuesday morning
with October futures sparking additional underlying support in all lean hog
contracts. Cattle futures were under limited pressure as traders continue to
protect late-week gains.
By Rick Kment
Cash cattle activity remained sluggish Tuesday afternoon with bids and
asking prices undeveloped. It is likely cash trade will not become active until
midweek or later. Even though cash trade remained sluggish last week,
formulated sales increased. Generally, showlists seen Monday are mixed to
mostly larger than the previous week. According to the closing report, the
national hog base is $2.26 higher compared with the prior day settlement
($44.00 to $56.50) weighted average $52.92. Corn futures are lower in light
activity. September futures were 4 3/4 cents lower Tuesday. Dow Jones Index is
215 points higher with Nasdaq up 69 points.
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