DTN Closing Livestock Comment 07/15 15:41
   Live Cattle Futures Set New Contract Highs

   Sharp gains flooded the cattle complex Tuesday, with August Live cattle
futures establishing new highs once again in August Contracts. This has sparked
active buyer support through all live cattle and feeder cattle trade.

Rick Kment
DTN Analyst

GENERAL COMMENTS:

   Livestock futures focused on aggressive buyer support returning to the
cattle trade on Tuesday. This put the focus on higher live cattle and feeder
cattle futures. August live cattle futures once again established contract
highs, moving to $222.40 per cwt at the closing bell, representing a gain of
$3.05 per cwt. This continues to add focus to the bullishness still present in
the cattle market and allows traders to focus on market fundamentals to
determine if cash prices and beef values will remain as aggressive as Tuesday's
futures trade. Triple-digit gains held in all cattle contracts, focusing on the
potential of follow-through buyer interest midweek, although at this point,
there remains the probability that market adjustments can take place at any
time. Hog futures remained sluggish with limited overall direction and price
movement seen through the entire complex Tuesday. Hog prices closed higher on
the Daily Direct Afternoon hog report, up $3.02 with a weighted average of
$112.6 on 12,537 hogs. December corn closed up 1 3/4 at $4.198 and December
soybean meal closed down $2.20 at $279.5. The Dow Jones Industrial Average is
down 436.36 at 44,023.29.