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DTN Closing Livestock Comment 09/20 16:44
   Hog Futures Weaken on New Trade Concerns

   Limited trade interest developed through most of Friday's session, with
end-of-the-week positioning the main focus of traders. Lean hog futures tumbled
lower in late-day trade on news concerns that trade talks with China have
cooled again.

By Rick Kment
DTN Analyst



   GENERAL COMMENTS:

   Strong pressure redeveloped in lean hog futures trade Friday afternoon
following a report that a Chinese delegation had canceled planned farm visits
and shortened their trip in the U.S. The positive vibes seen last week
surrounding trade talks between the U.S. and China have started to fade,
leaving traders concerned that hog markets will be unable to hold recent gains.
Most cattle futures contracts eroded Friday. The Sept. 1 Cattle on Feed report
released Friday afternoon is viewed as generally bullish with the biggest
surprise lower-than-expected placement numbers. From Friday to Friday,
livestock futures scored the following changes: Oct live cattle, up $1.28; Dec
live cattle, up $0.78; Sep feeder cattle, up $3.83; Oct feeder cattle, up
$4.63; Oct lean hogs, off $6.12; and Dec lean hogs, off $2.45. Cash cattle saw
light-to-moderate trade in the North Friday afternoon with live sales
developing at $103 per cwt. This is generally $3 per cwt higher than last week.
Additional trade is expected to develop in the North before both sides call it
a day, although both sides are locked in a stand-off. Bids of $162 dressed and
$103 live in the North and $101 in the South are being passed up as asking
prices remain at $104 and higher in the South and $164 and higher in the North.
The inability to demand higher prices at the end of the week following a
favorable Cattle on Feed report will significantly diminish feedlot managers'
marketing power over the near future. The National Daily Direct afternoon hog
report was $0.22 lower ($39-$45, weighted average $44.14) on 12,412 head. Corn
prices shifted lower Friday with December closing down 2 cents. Stock markets
were lower in light trade with the Dow down 160 points and the NASDAQ down 65
points.
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