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DTN Closing Livestock Comment 10/19 16:12
Lean Hog Futures Retreat Tuesday
Active selling developed in lean hog futures Tuesday as triple-digit losses
developed in all nearby and most deferred contracts. Traders pulled back from
previous gains but are holding onto support by the narrowest of margins. Cattle
futures eroded moderately as traders remain uncertain of placement and on-feed
numbers in the upcoming Friday report.
By Rick Kment, DTN Contributing Analyst
GENERAL COMMENTS:
Firm pressure in all nearby livestock contracts left traders unwilling to
actively move into the market with significant volume. Lean hog trade posted
the most aggressive losses, with triple-digit losses in all contracts. However,
these losses were not enough to offset previous market gains and seemingly is
creating more stability in the market with February futures hovering around $80
per cwt. Cattle futures posted moderate losses in nearby contracts, while
limited but noticeable buyer support started to redevelop in deferred trade.
Hog prices moved lower on the National Direct Afternoon Hog Report in moderate
trade, falling $0.27 with a weighted average of $66.97 on 7,593 head. December
corn is down 2 1/2 cents per bushel and December soybean meal is up $4.70 per
ton. The Dow Jones Industrial Average is up 198 points and NASDAQ is up 107
points.
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