DTN Livestock Close: Hog Market Rally Sparks Optimism

Photo: Soybean Checkoff

Sharp gains in October lean hog futures over the last two days have created renewed optimism across the lean hog complex. Mixed cattle trade left traders less certain of a market comeback in the upcoming days.

GENERAL COMMENTS:

Lean hog futures stole the attention of the entire livestock complex with aggressive triple-digit gains seen in nearby and deferred contracts. Spot October lean hog futures posted a $3.20 per cwt rally, moving above $85 per cwt for the first time in a week. The attention in hog trade seemed to allow for cattle traders to take a breath, with prices mixed in feeder cattle markets and lower in all nearby live cattle trade.

Hog prices moved lower on the National Direct Afternoon Hog Report in light trade, falling $1.86 with a weighted average of $81.64 on 5,458 head. December corn is down 4 cents per bushel and December soybean meal is up $4.50 per ton. The Dow Jones Industrial Average is down 35 points and NASDAQ is up 19 points.

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