DTN Closing Livestock Comment 10/25 15:56
25 Oct 2023
DTN Closing Livestock Comment 10/25 15:56 Morning Rally Holds in Livestock Futures Moderate to strong buyer support quickly developed in livestock futures Wednesday. Active gains were seen in all feeder cattle trade, while moderate to strong support in live cattle helped traders and market watchers move past last week's report news. Hog futures rebounded also, creating some hope that additional interest will develop in the coming days. Rick Kment DTN Analyst GENERAL COMMENTS: Livestock futures were the bright spot of ag commodities Wednesday, with moderate to active gains seen in cattle and hog futures. Feeder cattle contracts posted the most aggressive in November contracts with gains over $2.50 per cwt, while early 2024 contracts also posted triple-digit gains. Even with the higher prices, the entire cattle market remains under technical pressure given the downturn over the last week. Lean hog futures posted uniform triple-digit gains in all nearby contracts as buyers are slowly returning following setting contract lows earlier in the week. Traders seem to still have additional room for nearby gains due to short covering continuing, but prices may show some resistance in further aggressive moves based on market fundamentals and outside market shifts. Hog prices closed lower on the Daily Direct Afternoon hog report, down $0.68 with a weighted average of $71.9 on 6,958 hogs. December corn closed down 4 at $4.80 and December soybean meal closed down $5.00 at $429.20. The Dow Jones Industrial Average is down 105.45 at 33,035.93.