DTN Closing Livestock Comment 10/19 15:39

DTN Closing Livestock Comment 10/19 15:39 Feeder Cattle Futures Fall Sharply Cattle market weakness was evident Thursday with active losses in both live cattle and feeder cattle trade. Lack of technical buyer support and questions ahead of the upcoming cattle on feed report left a bitter taste in feeder cattle traders' mouths. Rick Kment DTN Analyst GENERAL COMMENTS: Thursday turned into a dismal day in cattle futures trade with live cattle futures falling $1.32 to $2.12 per cwt, while feeder cattle markets led the market down the steep slope, falling as much as $5.52 per cwt at the end of the session in January 2024 contracts. The overall fundamental market moves and questions concerning the upcoming cattle on feed report is not likely to be enough reason to justify the current market swing, which left traders unwilling to step into the complex, leading to sharp triple-digit losses, which disrupted short-term support. Lean hog futures were essentially stable with all of the attention pointed directly at the falling cattle market as nearby lean hog contracts closed within a single-digit price range Thursday. Hog prices closed lower on the Daily Direct Afternoon hog report, down $0.59 with a weighted average of $73.16 on 5,495 hogs. December corn closed up 13 at $5.05 and December soybean meal closed up $9.20 at $423.00. The Dow Jones Industrial Average is down 250.91 at 33,414.17.