DTN Closing Livestock Comment 10/26 16:00

DTN Closing Livestock Comment 10/26 16:00 Cattle Futures Soften Thursday Following the strong buyer support midweek in cattle futures, traders took a much more cautious approach during the Thursday trading session. Early gains held in live cattle futures but quickly eroded with prices mixed at the closing bell. Lean hog trade gained renewed support, as buyers slowly but firmly move back into the market, creating a two-day rally. Rick Kment DTN Analyst GENERAL COMMENTS: Lean hog futures were the bright spot of the livestock market Thursday with buyers stepping into the complex for the second consecutive trading session. Although buyer interest initially developed in cattle trade, the lack of follow-through buyer interest and remaining concerns of how the larger-than-expected supplies will impact long-term market direction quickly eroded most support. Although spot month live cattle and feeder cattle contracts still closed higher, the weakness in nearly all other contract months led to additional concerns that prices may not quickly move away from recent lows. Hog prices closed lower on the Daily Direct Afternoon hog report, down $1.20 with a weighted average of $70.7 on 2,702 hogs. December corn closed down 3/4 at $4.793 and December soybean meal closed up $0.30 at $429.5. The Dow Jones Industrial Average is down 251.63 at 32,784.30.