DTN Closing Livestock Comment 10/18 16:06

DTN Closing Livestock Comment 10/18 16:06 Cattle Futures Surge Friday Afternoon Strong late-week support quickly developed in cattle futures with live cattle and feeder cattle posting a late-week rally. The ability to sustain this market support early next week will be closely monitored, as it may help to create additional long-term direction through the end of the year. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Strong triple-digit gains quickly held in all cattle futures with feeder cattle futures leading the upward charge Friday. January through April feeder cattle contracts were the target markets with traders not only looking at current short-term support in the complex but the potential ability to sustain current market support well into the spring months of 2025. Live cattle futures gained late-week momentum based on this renewed buyer support with all contracts through the winter and spring holding triple-digit gains at the end of Friday's trading session. Lean hog futures ended higher but were much less aggressive with limited support seen during 2025 contract months as traders remain much more cautious about upward price potential in hog and pork prices. Hog prices closed lower on the Daily Direct Afternoon hog report, down $4.10 with a weighted average of $72.05 on 1,498 hogs. December corn closed down 2 at $4.048 and December soybean meal closed down $2.50 at $315.6. The Dow Jones Industrial Average is up 36.86 at 43,275.91.