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DTN Closing Livestock Comment 09/15 16:11
Feeder Cattle Lead Market Lower Wednesday
Traders slowly but steadily backed away from previous gains, although the
underlying tone remains weak, the ability to hold above early week support
levels could help to spark renewed long-term interest. Hog futures became the
bright spot of the livestock market with strong spot market buying developing
Wednesday.
By Rick Kment, DTN Contributing Analyst
GENERAL COMMENTS:
Cattle futures moved mostly lower with October live cattle futures the only
contract month able to etch out a gain by the end of the session. Strong
underlying pressure redeveloped in feeder cattle futures, offsetting most of
Tuesday's gains by the end for the day. Hog prices closed mixed with October
futures holding a $1.90 per cwt gain. The focus on strong outside market
support moved traders' attention away from the livestock complex. Hog prices
moved lower on the National Direct Afternoon Hog Report in moderate trade,
falling $0.57 with a weighted average of $83.50 on 8,193 head. December corn is
up 13 1/4 cents per bushel and December soybean meal is down $2.20 per ton. The
Dow Jones Industrial Average is up 267 points and NASDAQ is up 126 points.
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