DTN Livestock Close: Cattle Futures Find Buyer Support

    Photo: Adam Russell, Texas A&M AgriLife Extension Service

    Active gains in cattle trade were the highlight of Monday’s session as traders worked through the bullish news in last week’s cattle on feed report. Triple-digit gains held in nearby live cattle and feeder cattle futures with early feeder cattle trade clearly leading the complex higher. Lean hog futures were mixed with limited direction as traders focus on establishing support levels through the end of October.

    GENERAL COMMENTS:

    Active gains developed in all cattle trade with triple-digit price surges following lower-than-expected cattle numbers and placement levels on Friday’s cattle on feed report. Even though most nearby contracts sustained triple-digit surges, contracts closed well below session highs, as buyer interest clearly eroded as the session continued.

    This is slightly concerning as it could open up further market shifts later in the week in both live cattle and feeder cattle futures.

    Hog futures remain generally weak, but limited nearby gains developed, giving hope that additional buyer activity will develop Tuesday morning. Hog prices moved lower on the National Direct Afternoon Hog Report in light trade, falling $1.97 with a weighted average of $63.66 on 5,731 head.

    December corn is unchanged and December soybean meal is down $0.20 per ton. The Dow Jones Industrial Average is up 74 points and NASDAQ is up 148 points.

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