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DTN Closing Livestock Comment 12/14 16:26
   Generally Speaking, Livestock Futures Close Friday Modestly Lower

   Live and feeder contracts concluded the week with slow volume and moderately
lower settlements. Though traders seemed patiently awaiting cash news, neither
side acted with much anticipatory expectation. Lean hog issues closed on a
mixed basis as spot December expired, cautiously making room to consider the
tall premium of the new leader February.

By John Harrington
DTN Livestock Analyst

   GENERAL COMMENTS: Light-to-moderate trade volume developed Friday afternoon
in cattle country. Live sales in the South are mostly marked at $119, roughly
$1 higher than last week. Some dressed steers and heifers are tagged at $188,
also a buck higher than last week's weighted average basis Nebraska. According
to the closing report, the national hog base is $0.29 higher compared with the
Prior Day settlement ($42-$47.21, weighted average $46.71). March corn traded
higher most the day, but ended just fractionally in the green. While nearby
corn dug in fairly well since Monday, most of this week's market focus was on
the return of China to the U.S. soybean market (and with soy fireworks kept to
a minimum). From Friday to Friday, livestock futures scored the following
changes: Dec LC, up $1.67; Feb LC, up $0.88; Jan FC, up $3.20; Mar FC, up
$3.90; Dec LH, up $0.70; Feb LH, off $3.37. The stock market crashed sharply
lower with the Dow failing by 496 points (sinking to its lowest close since May
- 24,100). The Nasdaq retreated by as much as 159 points.
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