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DTN Closing Livestock Comment 09/27 16:03
   Lean Hog Futures Surge Higher Monday

   Tighter than expected hog inventory in Friday's report left traders
aggressive Monday. Limit gains held through closing bell in December and
February futures; this will allow expanded trading limits in lean hog contracts
Tuesday, and will likely add to market volatility. Cattle futures turned lower
based on larger feeder cattle placements in August.

By Rick Kment, DTN Contributing Analyst


   Post-report fireworks in livestock trade did not disappoint Monday with lean
hog futures hitting limit gains in two nearby contracts, while triple-digit
losses flooded through most feeder cattle trade. Not only were traders trying
to adjust for inventory changes in the industry, but production costs
significantly changed given double-digit gains in corn prices Monday. Live
cattle markets posted limited losses, but it is likely that more volatility
will move through the livestock market and the live cattle complex,
specifically, in the coming days. This could keep most traders on edge and
price levels volatile during the week. Hog prices moved lower on the National
Direct Afternoon Hog Report in light trade, falling $1.19 with a weighted
average of $75.74 on 5,865 head. December corn is up 12 3/4 cents per bushel
and December soybean meal is up $1.00 per ton. The Dow Jones Industrial Average
is up 71 points and NASDAQ is down 77 points.
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