DTN Closing Livestock Comment 07/25 15:51

DTN Closing Livestock Comment 07/25 15:51 Lean Hog Futures Fall Thursday Pressure developed in the lean hogs market Thursday, with the October contract falling $2.20 per cwt lower as traders adjusted prices lower following recent gains. Cattle futures were mixed in directionless trade. By Rick Kment DTN Analyst GENERAL COMMENTS: Pressure developed in the lean hog trade Thursday. The October contract set the tone with a $2.20-per-cwt loss. The adjustment from previous unchecked gains is not unexpected and leaves market trends unchanged. Cattle futures moved in a narrow range in light trade. This could allow for sluggish but firm buying activity Friday. Cash cattle activity remains quiet with trade pushed off until Friday in all areas given the lack of increased bids developing during the day. Bids were seen in Nebraska at $109 to $111 live and $180 to $182 dressed. But no interest has been shown in the South at this point. This is a little surprising given that Southern interest typically develops earlier in the week. Asking prices remain firm at $113 and higher live and $186 to $187 dressed. The National Daily Direct afternoon hog report was $1.74 higher ($68-$87, weighted average $83) on 14,584 head sold. Corn futures moved lower in sluggish trade with the September contract down 5 cents per bushel. The Dow Jones Index was 128 points lower with the NASDAQ down 82 points.