DTN Closing Livestock Comment 09/30 15:45

DTN Closing Livestock Comment 09/30 15:45 Cattle Markets Closes September With Weaker Tone Triple-digit losses in cattle futures were countered by triple-digit gains in lean hog trade Thursday. As traders say goodbye to September, additional questions rise about potential market support in all cattle markets. Even aggressive losses in grain futures following Thursday's USDA Stocks and Small Grains reports couldn't revive buyer support in feeder cattle. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Livestock futures traded Thursday in the same general direction they have for most of the week. Cattle contracts were under pressure, while hog futures are gaining additional momentum. Triple-digit losses developed in most cattle futures, while nearby hog futures were able to score additional triple-digit gains. Although there may be some end-of-month and end-of-quarter positioning taking place Thursday, the overall concerns are that hog supplies will be tighter in the next year and cattle numbers will continue to be larger than expected through the fall and winter. This is leading to some major adjustments to longer-term market expectations. Hog prices moved lower on the National Direct Afternoon Hog Report, falling $0.73 with a weighted average of $73.78 on 5,214 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.