DTN Closing Livestock Comment 11/08 15:50

DTN Closing Livestock Comment 11/08 15:50 Cattle Markets Attempt Partial Rebound Wednesday Firm gains moved back into live cattle and feeder cattle futures Wednesday morning, sparking follow-through buyer support, which posted a positive close for the first time this week in all cattle futures. Hog markets softened through the day as consistent pressure focused on position squaring activity, affecting nearby contracts most directly. Rick Kment DTN Analyst GENERAL COMMENTS: Although prices are far from regaining early week losses, the lack of continues liquidation and selling pressure added some sense of support to the already weak and expected oversold cattle complex. Feeder cattle futures posted the most aggressive gains with spot November contracts leading the market higher with a $2.32 per cwt rally. Hog futures, on the other hand, backed away from recent gains as technical pressure developed with traders focusing on position squaring opportunities across all lean hog contracts. Hog prices closed higher on the Daily Direct Afternoon hog report, up $0.20 with a weighted average of $68.27 on 3,228 hogs. December corn closed up 7 1/2 at $4.76 and December soybean meal closed up $2.40 at $449.8. The Dow Jones Industrial Average is down 40.33 at 34,112.27.