DTN Closing Livestock Comment 09/20 15:27

DTN Closing Livestock Comment 09/20 15:27 Cattle Futures Consolidate Nearby lean hog futures have rallied over $5.00 so far this week, leaving another gap on the October chart Thursday. The rest of the livestock sector shrank lower inside previous trading ranges on a day with notably quiet futures volumes. By Elaine Kub DTN Contributing Analyst GENERAL COMMENTS: Cash cattle trade Thursday kicked off steady with last week, setting anchor prices ahead of the majority of the week's business to develop Friday. Asking prices are seen around $113-$114 in the South, and $180 in the North. Futures traders seem to have their guesses and positions already dialed in ahead of Friday's Cattle on Feed report, and trading volume was relatively light Thursday. Lean hog futures sustained their ongoing rally with $1.25 gains focused on the October contract. The national hog base has jumped higher then lower from day to day, now $4.44 lower Thursday, according to the closing report: weighted average $51.77. Corn futures were higher (6 3/4 cents) alongside sudden double-digit gains in soybeans, which will be vulnerable to disappearing again just as suddenly if it turns out China's suggested tariff reductions won't really apply to these markets. The Dow Jones Index is 260.22 points higher and the Nasdaq is up 80.47 points.