DTN Closing Livestock Comment 08/04 15:11

DTN Closing Livestock Comment 08/04 15:11 Stronger Cattle Prices Reinforce Market Bullishness Higher prices for cash cattle and live cattle futures were the bright spot on Friday, lending bullishness all across the livestock sector. Elaine Kub Contributing Analyst GENERAL COMMENTS: In most cases, the livestock futures contacts didn't accelerate momentum this week or definitively change direction, but instead continued to explore what strength is possible in the wholesale meat markets and how that strength can persist further down the supply chain. Live cattle led the futures gains Friday, and by the end of the session, prices were green all across the livestock board. As of early Friday afternoon, some light cash cattle trade is developing in Nebraska at $295, $1.50 higher than last week's weighted average basis Nebraska. The National Direct Afternoon Hog Report showed negotiated swine prices down $0.88 to a weighted average of $99.67 on 2,262 head. Prices ranged from $93 to $106, and the five-day rolling average is now $102.44. September corn moved up 3 1/2 cents to $4.84 1/4 per bushel and August soybean meal closed down $7.10 per ton to $444.10. The Dow Jones Industrial Average was down 148.69 points and the NASDAQ was down 78.62 points.