DTN Closing Livestock Comment 09/14 15:22

DTN Closing Livestock Comment 09/14 15:22 Cattle Futures Rebound Tuesday Cattle markets rebounded from recent lows as buyers aggressively moved back into the complex. With cattle slaughter numbers moving back to more normal levels, fears of wide production losses were minimized. Hog trade continued to move lower after being unable to sustain initial price support. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Strong market gains flooded cattle futures Tuesday morning with triple-digit price moves holding through the entire session. Feeder cattle contracts led the complex higher with gains of $3.40 per cwt seen in 2022 contract months. The ability to continue to push prices higher midweek will be closely monitored and will have a significant impact on buyer interest Wednesday morning. Hog futures posted early gains, but quickly reverted to the overshadowing market weakness that has been so evident through most of the livestock market in the last few weeks. Hog prices moved lower on the National Direct Afternoon Hog Report in active trade, falling $0.41 with a weighted average of $84.07 on 10,983 head. December corn is up 7 cents per bushel and December soybean meal is down $3.40 per ton. The Dow Jones Industrial Average is down 333 points and NASDAQ is down 83 points.