DTN Closing Livestock Comment 11/02 16:01

DTN Closing Livestock Comment 11/02 16:01 Feeder Cattle Explode Higher Thursday Summary: Active triple-digit gains developed across livestock trade as well as most outside markets Thursday. Feeder cattle futures led the upward price surge, closing $4 per cwt higher in all nearby contracts as traders continue to actively step back into the complex. Cash cattle trade appears to be a Friday affair this week feeders and packers holding to current asking prices and bids Thursday afternoon. Rick Kment DTN Analyst GENERAL COMMENTS: It was hard to find anything except positive news in the livestock complex Thursday with triple-digit gains flooding the market and nearby feeder cattle and lean hog trade posting sharp gains at the end of the session. Outside markets were just as bullish during the Thursday session, with the exception of corn and soybean meal prices, other outside markets turned actively higher. Aggressive gains in stock markets also helped to offset some of the negative pressure across the financial markets. Hog prices closed lower on the Daily Direct Afternoon hog report, down $0.33 with a weighted average of $68.49 on 5,621 hogs. December corn closed down 5 at $4.7 and December soybean meal closed down $4.10 at $426.3. The Dow Jones Industrial Average is up 564.50 at 33,839.08.