DTN Livestock Close: Market Pullback Continues in Hog Complex

    Photo: Soybean Checkoff

    Aggressive triple-digit losses have continued in lean hog futures as traders keep reversing late September gains based on expected inventory and production projections. September’s rally has been nearly cut in half, creating concern that further losses are yet to develop. Live cattle trade shifted lower, despite gains in most feeder cattle trade.

    GENERAL COMMENTS:

    Active selling pressure developed in most ag commodity markets Tuesday, with live cattle and lean hog futures no exception to the overall weaker market shift. Lean hog futures quickly led the complex lower, with December futures closing $2 per cwt lower after consistent market pressure during the entire month of October.

    December lean hog futures have given back over $7 per cwt in the last two weeks but remains well above recent pre-rally lows. Live cattle futures eroded Tuesday, with concerns of larger than expected beef production levels over the next year offsetting previous market support. Weakness in corn and soybean markets helped spark buying in most feeder cattle futures Tuesday.

    Hog prices moved higher on the National Direct Afternoon Hog Report in active trade, gaining $0.49 with a weighted average of $69.11 on 9,266 head.

    December corn is down 10 1/2 cents per bushel and December soybean meal is down $4.10 per ton. The Dow Jones Industrial Average is down 54 points and NASDAQ is down 7 points.

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