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DTN Closing Livestock Comment 07/01 16:20
   Cattle Bat Higher Prices Through Closing

   The complex jumped around Wednesday but ultimately left cattle contracts
trending higher while lean hog contracts closed lower.

ShayLe Stewart
DTN Livestock Analyst

   GENERAL COMMENTS:

   Holidays come as bitter-sweet days for market participants as the shortened
weeks throw off normal trade. Wednesday's trade was mostly uneventful other
than the baffling bullishness that the cattle contracts are pushing. As a
"Designated-Bear" (proudly coined by John Harrington), I'd love to believe that
these higher prices aren't dangerously volatile, but knowing the raw facts of
the industry's current make-up makes it hard to believe that this green close
isn't far-fetched when fundamentally the math just doesn't add up. Hog prices
closed higher on the National Direct Afternoon Hog Report, up $0.20 with a
weighted average of $28.66 on 7,670 head. September corn is up 9 cents per
bushel and December soybean meal is up $8.70. The Dow Jones Industrial Average
is down 77.91 points and NASDAQ is up 95.86 points.
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