DTN Closing Livestock Comment 08/04 16:07
Early August Buying Continues in Cattle Futures
Live cattle contracts became a temporary "safe haven" Wednesday following
moderate to active pressure in most other commodity markets. This pushed spot
August live cattle futures to their highest level since Mid-June.
By Rick Kment, DTN Contributing Analyst
Light to moderate gains slowly but steadily developed in live and feeder
cattle futures Wednesday. Active pressure in most commodity markets and
triple-digit losses in the Dow Jones Index left traders looking for a needed
sense of stability in the cattle market. Hog futures closed mixed with spot
contracts able to etch out a narrow gain based on recent market support, but
the rest of the complex slid lower as global pressure left questions about
short- and long-term pork demand. Hog prices closed higher on the National
Direct Afternoon Hog Report, up $2.26 with a weighted average of $102.66 on
8,348 head. December corn is down 5 cents per bushel and December soybean meal
is up $4.30 per ton. The Dow Jones Industrial Average is down 285 points and
NASDAQ is up 24 points.
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