DTN Livestock Close: Lean Hog Futures Retreat

    Active selling developed in lean hog futures Tuesday as triple-digit losses developed in all nearby and most deferred contracts. Traders pulled back from previous gains but are holding onto support by the narrowest of margins. Cattle futures eroded moderately as traders remain uncertain of placement and on-feed numbers in the upcoming Friday report.

    GENERAL COMMENTS:

    Firm pressure in all nearby livestock contracts left traders unwilling to actively move into the market with significant volume. Lean hog trade posted the most aggressive losses, with triple-digit losses in all contracts.

    However, these losses were not enough to offset previous market gains and seemingly is creating more stability in the market with February futures hovering around $80 per cwt. Cattle futures posted moderate losses in nearby contracts, while limited but noticeable buyer support started to redevelop in deferred trade.

    Hog prices moved lower on the National Direct Afternoon Hog Report in moderate trade, falling $0.27 with a weighted average of $66.97 on 7,593 head.

    December corn is down 2 1/2 cents per bushel and December soybean meal is up $4.70 per ton. The Dow Jones Industrial Average is up 198 points and NASDAQ is up 107 points.

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