DTN Closing Livestock Comment 08/03 16:13
Feeder Cattle Keep Above Friday's Close
A stronger close in cattle contracts comes as a sigh of relief to cattlemen
as the market tested strong levels Friday afternoon.
DTN Livestock Analyst
Heading into Monday's trade, the biggest questions were looming around
feeder cattle contracts and if prices were going to be able to support Friday's
jump above resistance levels. Though the complex didn't trade steadily higher
throughout the day, the feeder cattle contracts were able to keep above
Friday's close. Hog prices closed lower on the National Direct Afternoon Hog
Report, down $0.66 with a weighted average of $40.28 on 6,053 head. December
corn is up 1 1/2 cents per bushel and December soybean meal is down $1.60. The
Dow Jones Industrial Average is up 236.08 points and NASDAQ is up 157.52 points.
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