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DTN Closing Livestock Comment 09/20 15:27
   Cattle Futures Consolidate

   Nearby lean hog futures have rallied over $5.00 so far this week, leaving
another gap on the October chart Thursday. The rest of the livestock sector
shrank lower inside previous trading ranges on a day with notably quiet futures
volumes.

By Elaine Kub
DTN Contributing Analyst



   GENERAL COMMENTS:

   Cash cattle trade Thursday kicked off steady with last week, setting anchor
prices ahead of the majority of the week's business to develop Friday. Asking
prices are seen around $113-$114 in the South, and $180 in the North. Futures
traders seem to have their guesses and positions already dialed in ahead of
Friday's Cattle on Feed report, and trading volume was relatively light
Thursday. Lean hog futures sustained their ongoing rally with $1.25 gains
focused on the October contract. The national hog base has jumped higher then
lower from day to day, now $4.44 lower Thursday, according to the closing
report: weighted average $51.77. Corn futures were higher (6 3/4 cents)
alongside sudden double-digit gains in soybeans, which will be vulnerable to
disappearing again just as suddenly if it turns out China's suggested tariff
reductions won't really apply to these markets. The Dow Jones Index is 260.22
points higher and the Nasdaq is up 80.47 points.
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