DTN Closing Livestock Comment 09/28 16:00

DTN Closing Livestock Comment 09/28 16:00 Hog Prices Continue Surge Higher Tuesday Active follow-through support developed in lean hog futures, helping to post additional triple-digit gains in nearby contract months. Feeder cattle prices rebounded from Monday's losses with a portion of early week pressure offset. Widespread outside market losses seemed to help limit market volatility. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Traders entered the livestock complex Tuesday focused on taking additional actions following Monday's wide market swings. Although triple-digit gains developed in feeder cattle and lean hog futures, a portion of expected market activity shifted to the aggressive pressure in stock markets and several other commodities. This could keep livestock market participation sluggish over the next couple of days. Hog prices moved lower on the National Direct Afternoon Hog Report in moderate trade, falling $1.10 with a weighted average of $74.64 on 7,097 head. December corn is down 7 cents per bushel and December soybean meal is down $0.50 per ton. The Dow Jones Industrial Average is down 569 points and NASDAQ is down 423 points.