Livestock futures have regained minimal support throughout Monday despite strong pressure in stock prices and financial and commodity markets. Selling pressure slowed within the last hour of trade Monday, allowing limited price support to trickle back into live cattle and feeder cattle futures.
Livestock markets, like most other commodity markets Monday, were under pressure most of the session. Concerns surrounding China Property industry markets, specifically the financial woes of Chinese company, Evergrande, took center stage Monday. Feeder cattle futures closed mostly higher in late day trade, while additional aggressive pressure was seen in hog markets.
Hog prices moved lower on the National Direct Afternoon Hog Report in light trade, falling $2.16 with a weighted average of $79.32 on 6,367 head.
December corn is down 5 1/2 cents per bushel and December soybean meal is down $2.40 per ton. The Dow Jones Industrial Average is down 614 points and NASDAQ is down 330 points.