DTN Closing Livestock Comment 10/21 15:59
Weakness Develops in Livestock Futures
Active pressure developed in livestock trade with lean hog futures leading
the complex lower. Although cattle markets avoided triple-digit losses, the
active shift lower in nearby live cattle contracts is causing some uncertainty
through the week.
By Rick Kment, DTN Contributing Analyst
Sharp losses developed in live cattle and lean hog futures Thursday
afternoon. Following a move below initial support prices in nearby hog trade
Wednesday, active market liquidation developed, pushing nearby prices another
$2 to $3 per cwt lower through the Thursday session. Live cattle losses didn't
match the pressure of hog trade, but still worked lower the session. Hog prices
moved lower on the National Direct Afternoon Hog Report in moderate trade,
falling $1.50 with a weighted average of $65.43 on 7,858 head. December corn is
down 9 cents per bushel and December soybean meal is down $4.40 per ton. The
Dow Jones Industrial Average is down 6 points and NASDAQ is up 94 points.
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