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DTN Closing Livestock Comment 09/12 15:53
Cattle Futures Firm Following Report Release
Moderate to active buyer support developed and held across live cattle and
feeder cattle trade. Thursday's WASDE report posted mixed results but remained
overall positive for post report trade activity. Hog futures slipped lower in
limited but defensive trade activity.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
Triple-digit gains quickly flooded through the cattle complex as traders
focusing on previous market shifts quickly and aggressively became active
buyers Thursday. Momentum seen in nearby live cattle and feeder cattle
contracts are a combination limited support from Thursday's WASDE report and a
renewed late day shift in outside financial markets. October feeder cattle
futures became the shining star of the livestock complex Thursday afternoon,
leading the market higher with gains of $2.25 per cwt. All nearby cattle trade
posted triple digit gains Thursday, which is creating some underlying hope that
renewed support will continue to develop through the end of the week. Hog
futures remained under pressure Thursday, as traders continue to search for
support levels during early September. Hog prices closed lower on the Daily
Direct Afternoon hog report, down $1.25 with a weighted average of $76.00 on
2,018 hogs. December corn closed up 1 1/4 at $4.06 and December soybean meal
closed up $3.20 at $323.20. The Dow Jones Industrial Average is up 221.77 at
41,083.48.
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