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Four legs good: cattle, hog markets offer rare bright spot

* U.S. cattle prices recovering after 4-month decline

* Australia beef exports to U.S. nearing quota limits

* Hog prices in China at record high as supply remains tight

SINGAPORE, Aug 21 (Reuters) - Tightening meat supplies in top consuming nations such as the United States and China are boosting the global outlook for cattle and hog markets, offering investors some reprieve from the sharp downturn in many commodity prices.

U.S. cattle markets are expected to rally after four straight months of decline, with shipments from the country's biggest supplier, Australia, set to dwindle as annual import quotas start to run out.

While in China, which consumes more than half the world's pork supplies, lower production has driven hog prices (JCI-HOG-FUZH) close to record highs after farmers cut herds in response to low prices in recent years.

"Any reduction in U.S. imports from Australia or anywhere else will support beef and live cattle prices," said Pawan Kumar, director for food and agricultural research at Rabobank in Singapore.

"We can already see some impact as cattle prices have started getting support even as most other commodities are still under pressure."

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