DTN Closing Livestock Comment 08/04 16:09

DTN Closing Livestock Comment 08/04 16:09 Cattle Futures Reverse From Session Highs to Close Moderately Lower Although cattle paper spent most of Thursday's session in the green, a wave of long liquidation surfaced late to push most contracts moderately lower on the close. Lean hog futures continued to sell off, checked by follow-through selling and defensive fundamentals. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light cattle trading surfaced in several regions of feedlot country. Some dressed sales in Nebraska and Iowa were marked at $187-$190, roughly $1-$3 higher than last week's weighted average basis Nebraska. At the same time, a small test of live business was noted in Kansas and Texas at $118, $2 higher than last Friday. According to the closing report, the national hog base is $0.72 lower compared with the Prior Day settlement ($59.00-$65.25, weighted average $64.03). Corn futures settled generally 4 cents lower, pressured by cooperative weather vis-a-vis larger harvest potential. Stocks closed mostly flat despite a rise in oil prices. Investors seemed cautious ahead for Friday's jobs report. The Dow settled off 2 points with the Nasdaq up 6.