DTN Closing Livestock Comment 09/22 15:57
Strong Cattle Gains Focus on Outside Market Support
Active gains in most commodity and financial markets Wednesday sparked
renewed interest in cattle futures. Hog contracts continued to post light to
moderate losses as traders continue to adjust positions following outside
market shifts and upcoming cattle and hog reports.
By Rick Kment, DTN Contributing Analyst
Triple-digit gains in deferred cattle futures helped rekindle positive
long-term market support through the live cattle and feeder cattle complex.
Although the market remains generally fragile following recent losses, strong
support in outside markets helped stimulate moderate buying support in nearby
and deferred futures. Lean hog futures continue to shift lower as traders
slowly back away from last week's rally. Hog prices moved lower on the National
Direct Afternoon Hog Report in light trade, falling $0.98 with a weighted
average of $77.16 on 4,635 head. December corn is up 8 1/2 cents per bushel and
December soybean meal is unchanged. The Dow Jones Industrial Average is up 476
points and NASDAQ is up 192 points.
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