DTN Closing Livestock Comment 08/16 15:56

DTN Closing Livestock Comment 08/16 15:56 Lean Hog Futures Surge Despite Cash Market Pressure Lean hog futures rallied higher with October contracts becoming the bright spot of livestock trade. Feeder cattle futures posted moderate softness despite lower corn market moves, as traders remain concerned about the ability for further longer-term support to develop across the cattle complex. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Triple-digit gains in lean hog futures seemed to help draw underlying support to both hog and live cattle trade late Monday. Live cattle futures posted a $1 per cwt rally in October contracts following another round of aggressive gains in boxed beef prices in the morning report. Losses developed in both deferred live cattle trade and all nearby feeder cattle trade, with traders still concerned about the ability to sustain strong boxed beef values through the next couple of months, and how any shift lower in meat prices will impact cattle market direction. Hog prices closed lower on the National Direct Afternoon Hog Report in light trade, down $2.29 with a weighted average of $95.68 on 4,305 head. December corn is down 4 1/4 cent per bushel and December soybean meal is up $2 per ton. The Dow Jones Industrial Average is up 56 points and NASDAQ is down 44 points.