DTN Closing Livestock Comment 08/03 16:53

DTN Closing Livestock Comment 08/03 16:53 Cattle Futures Close Sharply Higher, Supported by Late-Week Cash Strength and Technical-Buying The cattle complex closed with mostly triple-digit gains with nearby live contracts closing at their highest points since mid-March. For the most part, lean hogs also closed sharply higher supported by late-week short-covering and the correction of oversold charts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS After another long waiting game, short-bought packers finally came for ready steers and heifers. Live sales jumped to mostly $114, roughly $2 higher. On the other hand, most dressed deals in the North were marked at $178, also $2 higher. The National hog base closed off $1.47 compared with the Prior Day settlement ($51-$56, weighted average $54.58). From Friday to Friday, livestock futures scored the following changes: Aug LC up $2.05; Oct LC up $1.53; Aug FC up $0.55; Sep FC up $0.85; Aug LH off $5.15; Oct LH off $0.10. Corn market settled 3 cents higher, capping a very constructive week that was supported by dryer weather through the Corn Belt and stronger action in the wheat market. The stock market closed higher with the Dow up 136 and the Nasdaq better by 9.