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DTN Closing Livestock Comment 06/24 15:53
   Brexit Vote Torpedoes Late-Week Cattle Futures

   Triple-digit losses dominated the cattle complex thanks to fallout from
Britain's decision to leave the European market. Lean hog futures moderately
lower, pressured by profit-taking, pre-report positioning and outside markets.

By John Harrington
DTN Livestock Analyst



GENERAL COMMENTS:

   From Friday to Friday livestock futures scored the following Changes: Jun
LC, Off $2.02; Aug LC, Off $1.68; Aug FC, Up $2.03; Sep FC, Up $1.62, Jul LH,
Off $2.12, Aug LH, Off $4.20. The cash cattle trade was very slow Friday
despite limited week-to-date trade volume. Indeed, only a few scattered dressed
sales in the North were reported at $188 to $189, roughly $7 to $8 lower than
last week. The South remained very quiet. It's possible that additional
business could develop later today, but trade volume totals are expected to be
light when everything is said and done. According to the closing report, the
national hog base is .30 lower compared with the Prior Day settlement
($74.00-$82.50, weighted average $81.00). Corn futures closed lower, down 2 3/4
cents in the July and down 3 1/2 cents in the December. Thanks to the vote of
U.K. citizens to leave the EU, the Dow Jones industrial average closed down 611
point at 17,399 in heavy trade. The Nasdaq fell 202 points to 4,707.
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