Live cattle futures have rebounded from early-week pressure as traders have moved to six-week highs with the focus on renewed commercial and noncommercial interest stepping back into the market. Feeder cattle prices quickly followed the lead of live cattle trade, although hog futures have continued lower Thursday.
Live cattle futures took the lead Thursday as renewed buyer support aggressively moved back into the market. Following a weak of overall market indecision and price weakness, active buyer support was sparked from both inside and outside of the cattle complex. Aggressive triple-digit gains in stock prices helped spark underlying buyer support in all cattle markets, which seemed to remain very hesitant through most of the week.
Hog prices continue to erode lower, causing concerns that even further market losses may develop during the second half of October. Hog prices moved higher on the National Direct Afternoon Hog Report in moderate trade, adding $0.14 with a weighted average of $68.32 on 8,018 head.
December corn is up 4 1/2 cents per bushel and December soybean meal is up $2.40 per ton. The Dow Jones Industrial Average is up 534 points and NASDAQ is up 251 points.