DTN Closing Livestock Comment 09/29 15:58

DTN Closing Livestock Comment 09/29 15:58 Late-Day Feeder Cattle Losses Brings Concerns What started as light market adjustments Wednesday morning led to additional liquidation in feeder cattle contracts. Firm gains in grain prices and continued softness in live cattle trade led to another round of triple-digit losses across nearby feeder cattle contracts. Limited pressure in live cattle and lean hog futures left traders looking for additional moves later in the week. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Firm pressure across livestock trade developed early in the session with feeder cattle futures taking the brunt of market weakness by the end of the day. Lean hog futures seemed to focus more on position adjustments following aggressive market shifts higher over the last two days. It is uncertain just how much additional volume will develop over the next couple of weeks with month and quarter end likely to create light to moderate position adjustments, while other traders are comfortable with current positions and will likely remain on the sidelines until the dust settles. Hog prices moved lower on the National Direct Afternoon Hog Report in moderate trade, falling $0.13 with a weighted average of $74.51 on 5,595 head. December corn is up 6 1/2 cents per bushel and December soybean meal is up $1.70 per ton. The Dow Jones Industrial Average is up 250 points and NASDAQ is up 47 points.