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DTN Closing Livestock Comment 01/13 16:35
   Cattle Futures Close Week With Triple-Digit Gains

   Live and feeder cattle futures closed sharply higher, supported by
aggressive short-covering and cash optimism. Lean hog futures settled mostly
higher, supported by generally constructive fundamentals and spec-buying.

By John Harrington
DTN Livestock Analyst


   The cash cattle trade continues to have difficulty finding the level of
compromise needed to generate significant volume. Poorly margined packers are
pulling one direction while bullish feedlots are leaning in the other. Having
said that, some business appears to be developing late in parts of the North at
$190.00 on a dressed basis, roughly $2.00 higher than last week's weighted
average basis Nebraska. Southern bids have improved up to $118.00 at this time
but continue to be passed (most area showlists are priced around $120.00). The
national hog base closed $0.43 higher compared with the prior day settlement
($58.33-$63.75, weighted average $61.63). From Friday to Friday, livestock
futures scored the following changes: Feb LC, Up $3.70; Apr LC, Up $3.72; Jan
FC, Up $2.13; Mar FC, Up $5.50; Feb LH, Up $1.63; Apr LH, Up $1.42. Corn
futures closed fractionally higher, supported somewhat by late-week
short-covering following Thursday's bearish supply and demand numbers. The
stock market closed mixed with the Dow off 5 and the Nasdaq up 26.
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