DTN Closing Livestock Comment 11/01 15:54

DTN Closing Livestock Comment 11/01 15:54 Lean Hog Futures Erode late Wednesday What started out as a calm and quiet day of light to moderate gains across the livestock complex, turned into firm price pressure in lean hog trade in afternoon trade. The overall lack of market volume left contracts vulnerable for a price pullback once initial but thin buying activity subsided. Rick Kment DTN Analyst GENERAL COMMENTS: When it comes to agricultural commodities, lean hog and corn futures were the losers of the day with light pressure seen in corn price levels through the entire session, while lean hog trade held gains through the morning, but quickly eroded at the end of the trading session. Cattle futures were able to muster up additional follow through buyer support, helping to add to the upward market shift seen in late October. There continues to be uncertainty as to how much and how quickly price support can develop in both cattle and hog markets, but the general feeling is that market lows have likely been set, allowing room for additional trade within the current price ranges. Hog prices closed lower on the Daily Direct Afternoon hog report, down $0.78 with a weighted average of $68.82 on 7,407 hogs. December corn closed down 3 3/4 at $4.75 and December soybean meal closed down $0.60 at $430.4. The Dow Jones Industrial Average is up 221.71 at 33,274.58.