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DTN Closing Livestock Comment 09/23 16:00
   Lean Hog Futures Surge to Two-Week Highs

   Lean hog markets stole the show Thursday as aggressive triple-digit gains
moved back into the complex. Following pressure over the last two weeks, buying
interest flooded the market as traders change market direction. Early spillover
support in cattle trade faded, leaving markets mixed but hopeful of future

By Rick Kment, DTN Contributing Analyst


   Active gains redeveloped in lean hog futures following widespread outside
market support Thursday. December lean hog futures led the entire livestock
complex higher, closing $3.12 per cwt higher, moving to the highest price in
two weeks. The ability to hold these gains through the end of the week is
likely to create additional underlying support and spark renewed interest in
commercial and noncommercial buying through the end of September. Cattle
futures held moderate gains most of the session, but a late day pullback in
feeder cattle seemed to slowly limit optimism in all cattle futures. Traders
are eagerly waiting for both the cattle on feed report and hogs and pigs
report, which will be released Friday afternoon. Hog prices moved lower on the
National Direct Afternoon Hog Report in light trade, falling $0.63 with a
weighted average of $76.53 on 4,855 head. December corn is up 3 3/4 cents per
bushel and December soybean meal is down $1.70 per ton. The Dow Jones
Industrial Average is up 506 points and NASDAQ is up 156 points.
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