DTN Closing Livestock Comment 09/20 16:44

DTN Closing Livestock Comment 09/20 16:44 Hog Futures Weaken on New Trade Concerns Limited trade interest developed through most of Friday's session, with end-of-the-week positioning the main focus of traders. Lean hog futures tumbled lower in late-day trade on news concerns that trade talks with China have cooled again. By Rick Kment DTN Analyst GENERAL COMMENTS: Strong pressure redeveloped in lean hog futures trade Friday afternoon following a report that a Chinese delegation had canceled planned farm visits and shortened their trip in the U.S. The positive vibes seen last week surrounding trade talks between the U.S. and China have started to fade, leaving traders concerned that hog markets will be unable to hold recent gains. Most cattle futures contracts eroded Friday. The Sept. 1 Cattle on Feed report released Friday afternoon is viewed as generally bullish with the biggest surprise lower-than-expected placement numbers. From Friday to Friday, livestock futures scored the following changes: Oct live cattle, up $1.28; Dec live cattle, up $0.78; Sep feeder cattle, up $3.83; Oct feeder cattle, up $4.63; Oct lean hogs, off $6.12; and Dec lean hogs, off $2.45. Cash cattle saw light-to-moderate trade in the North Friday afternoon with live sales developing at $103 per cwt. This is generally $3 per cwt higher than last week. Additional trade is expected to develop in the North before both sides call it a day, although both sides are locked in a stand-off. Bids of $162 dressed and $103 live in the North and $101 in the South are being passed up as asking prices remain at $104 and higher in the South and $164 and higher in the North. The inability to demand higher prices at the end of the week following a favorable Cattle on Feed report will significantly diminish feedlot managers' marketing power over the near future. The National Daily Direct afternoon hog report was $0.22 lower ($39-$45, weighted average $44.14) on 12,412 head. Corn prices shifted lower Friday with December closing down 2 cents. Stock markets were lower in light trade with the Dow down 160 points and the NASDAQ down 65 points.