DTN Closing Livestock Comment 07/01 16:25
   Livestock Futures Close Lower Once Again

   Livestock Futures pulled back from early-day gains, although limited
long-term direction still developed across cattle and lean hog markets. The
upcoming holiday break will likely keep markets subdued through the end of the
week.

Rick Kment
DTN Analyst

GENERAL COMMENTS:

   Feeder cattle futures seemed to be on an early quest to regain at least a
portion of the strong market losses seen earlier in the week. But the
combination of softer cash cattle activity and general market apathy at the end
of the session led to these early gains quickly eroding before the closing
bell. The pushed spot August live cattle futures lower at the end of the
session, although other nearby contracts were able to etch out the slightest of
gains. Even though most live cattle contracts closed higher, this was still a
moral defeat for the entire market, given the focus on rebounding from the late
June market slide. Trade Thursday is expected to remain sluggish and likely
once again unpredictable given the long holiday weekend approaching, and the
lack of additional market news from a fundamental or technical standpoint
before the end of the week. Hog prices closed lower on the Daily Direct
Afternoon hog report, down $0.66 with a weighted average of $96.92 on 6,950
hogs. December corn closed up 6 1/4 at $4.423 and December soybean meal closed
up $1.60 at $304.7. The Dow Jones Industrial Average is down 13.96 at 52,305.24.