DTN Closing Livestock Comment 08/30 16:32

DTN Closing Livestock Comment 08/30 16:32 Cattle Bulls Roar Back to Life With Key Reversals Pressured through most of the session, cattle futures aggressively attracted new buyers late in the day to score a bumper crop of key reversals. Lean hog contracts settled moderately higher, boosted by short-covering and spillover support from the cattle complex. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Fairly active trade volume surfaced in the Northern tier of cattle feeding country with most dressed deals marked at $175, $2 lower than Monday's thin test and $6 lower than last week. Most live sales were marked at $110, $4.50 short of last week. Light business was reported in parts of the South at $110, $5 below the previous week. According to the closing report, the national hog base is $0.15 lower compared with the Prior Day settlement ($53.00-$61.00, weighted average $59.82). Corn futures sagging under another round of selling pressure with multiple issues once again setting new contracts lows (i.e., off 5-7 cents). U.S. stocks closed lower as investors analyzed strong consumer data while keeping an eye on Federal Reserve ahead of Friday's jobs report. The Dow closed 48 points lower with the Nasdaq down by 9.