Market News

DTN Closing Livestock Comment 10/25 15:41

DTN Closing Livestock Comment 10/25 15:41
Cattle Futures Find Buyer Support Monday

Active gains in cattle trade were the highlight of Monday's session as
traders worked through the bullish news in last week's cattle on feed report.
Triple-digit gains held in nearby live cattle and feeder cattle futures with
early feeder cattle trade clearly leading the complex higher. Lean hog futures
were mixed with limited direction as traders focus on establishing support
levels through the end of October.

By Rick Kment, DTN Contributing Analyst


Active gains developed in all cattle trade with triple-digit price surges
following lower-than-expected cattle numbers and placement levels on Friday's
cattle on feed report. Even though most nearby contracts sustained triple-digit
surges, contracts closed well below session highs, as buyer interest clearly
eroded as the session continued. This is slightly concerning as it could open
up further market shifts later in the week in both live cattle and feeder
cattle futures. Hog futures remain generally weak, but limited nearby gains
developed, giving hope that additional buyer activity will develop Tuesday
morning. Hog prices moved lower on the National Direct Afternoon Hog Report in
light trade, falling $1.97 with a weighted average of $63.66 on 5,731 head.
December corn is unchanged and December soybean meal is down $0.20 per ton. The
Dow Jones Industrial Average is up 74 points and NASDAQ is up 148 points.