DTN Closing Livestock Comment 01/22 16:21
   Live Cattle Futures Close at Record Highs on Wednesday

   Cattle futures have closed at record high levels with live cattle futures
pushing above the $200-per-cwt threshold. This is creating potential late-week
shifts in all cattle markets.

Rick Kment
DTN Analyst

GENERAL COMMENTS:

   Strong triple-digit gains have flooded through live cattle and feeder cattle
markets Wednesday, moving nearby live cattle and feeder cattle prices to new
record-high levels. The most obvious shift is spot month live cattle contracts
closing above the $200-per-cwt threshold. The ability to move to the
double-century market currently plays a bigger role than any technical or
fundamental factors in the market. Although it is expected that the current
support will find additional momentum, it is uncertain how aggressive traders
will be early Thursday morning as they return to the market. Hog prices closed
higher on the Daily Direct Afternoon hog report, up $1.51 with a weighted
average of $81.26 on 6,868 hogs. March corn closed down 5 3/4 at $4.843, and
March soybean meal closed up $4.80 at $315.8. The Dow Jones Industrial Average
is up 130.92 at 44,156.73.