DTN Closing Livestock Comment 08/07 15:42

DTN Closing Livestock Comment 08/07 15:42 Hog Futures Rebound on Oversold Market Lean hog futures rebounded with triple-digit gains Wednesday as traders focused on the oversold market. By Rick Kment DTN Analyst GENERAL COMMENTS: Lean hog futures found strong support throughout Wednesday's session, closing triple digits higher. The wide price swings are creating uncertainty, but the oversold market was able to create an upside opportunity. Cattle futures pulled back from early support, but closed mostly higher in limited trade. Limited cash cattle trade was starting to develop in the North with light trade reported in Nebraska at $183 per cwt dressed basis. These sales are listed for delayed delivery and to a regional packer, likely limiting the ability to establish a general market trend at this point. Live bids are seen at $109 in the South with dressed bids ranging from $181 to $185 per cwt. It is likely that any significant trade will be pushed off until Thursday or Friday. The National Daily Direct afternoon hog report was $1.51 lower ($64 to $78, weighted average $73.61) on 15,612 head sold. Corn futures were higher in light trade with September up 2 1/2 cents. Stock markets were higher in light trade with the Dow up 5 points and the NASDAQ up 40 points.