DTN Closing Livestock Comment 09/21 16:23
Lean Hog Futures Continue to Shift Lower Tuesday
Mixed prices in cattle limited overall trade activity across most of the
livestock complex Tuesday. Lean hog futures were the most actively traded
market, adding additional pressure to Monday's losses as traders continue to
remain concerned about global pork demand.
By Rick Kment, DTN Contributing Analyst
Cattle trade took steps sideways Tuesday with limited market direction
developing in live or feeder futures. Mixed price moves continue to keep most
traders on the sidelines, content to wait for outside markets to show a more
definite direction over the next couple of trading sessions. Hog futures posted
firm losses once again. Although prices are still holding above support, the
concern surrounding global pork demand and China's ability to handle economic
concerns is putting pressure on nearby and deferred lean hog trade. Hog prices
moved lower on the National Direct Afternoon Hog Report in light trade, falling
$1.18 with a weighted average of $78.14 on 6,370 head. December corn is down 4
3/4 cents per bushel and December soybean meal is down $2.00 per ton. The Dow
Jones Industrial Average is down 50 points and NASDAQ is up 32 points.
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