DTN Closing Livestock Comment 08/23 16:08

DTN Closing Livestock Comment 08/23 16:08 Cattle Futures Surge Higher Following Cattle on Feed Report Activity in the cattle complex started on the plus said and found additional underlying support as renewed interest moved back into the market. Traders took advantage of tighter-than-expected supplies as October live cattle futures led the complex $2.90 per cwt higher. Hog futures struggled in late-day trade as spillover support from the cattle market was offset by weakening prices in morning pork reports. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Cattle traders quickly picked up Monday where they left off Friday afternoon as the Cattle on Feed report confirmed the lower placements and on feed numbers expected before the report. Nearby live cattle and feeder cattle futures set new contract highs Monday; traders continued to focus on potential support based on short- and long-term beef supply levels. Hog futures struggled during the last half of the trading session. Although early support trickled into the hog complex from the cattle market, weaker morning reports dashed any bullish market tone, causing contracts to close mixed in narrow to moderate trading ranges. Hog prices closed lower on the National Direct Afternoon Hog Report in moderate trade, down $3.72 with a weighted average of $92.68 on 6,398 head. December corn is down 1 1/2 cent per bushel and December soybean meal is down $7.20 per ton. The Dow Jones Industrial Average is up 215 points and NASDAQ is up 227 points.