DTN Closing Livestock Comment 08/04 16:07

DTN Closing Livestock Comment 08/04 16:07 Early August Buying Continues in Cattle Futures Live cattle contracts became a temporary "safe haven" Wednesday following moderate to active pressure in most other commodity markets. This pushed spot August live cattle futures to their highest level since Mid-June. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Light to moderate gains slowly but steadily developed in live and feeder cattle futures Wednesday. Active pressure in most commodity markets and triple-digit losses in the Dow Jones Index left traders looking for a needed sense of stability in the cattle market. Hog futures closed mixed with spot contracts able to etch out a narrow gain based on recent market support, but the rest of the complex slid lower as global pressure left questions about short- and long-term pork demand. Hog prices closed higher on the National Direct Afternoon Hog Report, up $2.26 with a weighted average of $102.66 on 8,348 head. December corn is down 5 cents per bushel and December soybean meal is up $4.30 per ton. The Dow Jones Industrial Average is down 285 points and NASDAQ is up 24 points.