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DTN Closing Livestock Comment 08/20 16:22
   Cattle Futures Implode for Second Consecutive Session

   Live and feeder futures crashed hard once again, overwhelmed by long
liquidation, technical selling, and beef demand worries. The lean hog pit also
ran into a brick wall with October through April closing with triple-digit

By John Harrington
DTN Livestock Analyst


   Light cattle trading developed in parts of the North with most dressed biz
marked at $242, roughly $3 lower than last week's weighted average basis
Nebraska. According to the closing report, the Iowa hog base is $2.83 lower
compared with the Prior Day settlement ($90.00-$99.00, weighted average
$96.68). The corn market closed generally 4-5 cents lower, pressured by bearish
yield reports from the crop tour. The stock market mostly advanced on
Wednesday, after minutes from the Federal Reserve's last meeting showed some
Fed officials want a "relatively prompt" rate hike based on the economy's
progress. The Dow closed 59 points higher with the Nasdaq off 1.
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