DTN Closing Livestock Comment 08/01 15:21

DTN Closing Livestock Comment 08/01 15:21 Fundamentals Underpin Strong Livestock Prices Upward momentum in live cattle and feeder cattle prices built throughout the Tuesday trading session to kick off the month of August. Active spread trading in lean hog futures has been trying to accurately express the present strength of the market against its future potential for oversupply. Elaine Kub Contributing Analyst GENERAL COMMENTS: It was a classic turnaround Tuesday in the livestock futures markets, with the cattle contracts rebuilding from Monday's losses and then adding a little more on top. Boxed beef prices have surged at the start of this week, and improving pork carcass prices and packing margins are supporting negotiated hog values. In the cash cattle market, bids and asking prices haven't been established for this week's trade, but last week was marked at mostly $179 in the South and $294 in the North. The National Direct Afternoon Hog Report showed purchased swine prices up $2.29 to a weighted average of $104.00 on 11,219 head. Prices ranged from $90 to $107, and the five-day rolling average is now $105.04. September corn moved down 7 cents to $4.97 per bushel and August soybean meal closed up $4.90 per ton to $456.10. The Dow Jones Industrial Average was up 71.02 points and the NASDAQ was down 38.99 points.