DTN Closing Livestock Comment 10/23 15:43

DTN Closing Livestock Comment 10/23 15:43 Sharp Cattle Losses Develop Monday Cattle markets posted sharp losses most of the Monday session. Although not all contracts closed limit lower, there was enough pressure to expand trading limits Tuesday. Additional concerns of follow-through liquidation is creating more volatility across the market. Rick Kment DTN Analyst GENERAL COMMENTS: Cattle markets were the focus through the entire session Monday. Traders had the weekend to digest the bearish news in the Cattle on feed report, and this led to widespread pressure through the entire session. With live cattle and feeder cattle futures each posting limit losses in at least one nearby contract, it allows for expanded trading limits Tuesday. The concern that follow-through runaway liquidation will continue to the market technically, as well as the outlook of fundamentals over the near future, is creating anxiety across cattle country. Lean hog futures remained silent in comparison to cattle trade with prices mixed in a narrow range and light activity. Hog prices closed higher on the Daily Direct Afternoon hog report, up $3.85 with a weighted average of $73.42 on 2,260 hogs. December corn closed down 5 1/4 at $4.903 and December soybean meal closed down $3.40 at $420.5. The Dow Jones Industrial Average is down 190.87 at 32,936.41.