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.
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.