DTN Closing Livestock Comment 08/10 15:44

DTN Closing Livestock Comment 08/10 15:44 Hog Futures Hold Above Summer Lows, for Now Mixed trade developed Tuesday as follow-through pressure in lean hog futures left traders concerned of further weakness, while live cattle futures etched out firm late day gains based on continued strength in boxed beef values. The direction of meat prices in both hog and beef markets over the coming days and weeks will continue to be the focus of most traders. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Firm pressure redeveloped in lean hog futures Tuesday, causing concern of long-term support being broken. Despite the market weakness, widespread liquidation did not develop, keeping prices well within the current market range. Futures closed higher in both live cattle and feeder cattle trade. Live cattle buying slowly developed through the session, with the focus once again placed on aggressive boxed beef values in the Tuesday morning report. Feeder cattle prices have rebounded from early morning softness, although the inability to spark active buyer interest left prices with narrow to moderate gains in nearby contracts. Hog prices closed higher on the National Direct Afternoon Hog Report in light to moderate trade, up $0.14 with a weighted average of $99.20 on 5,289 head. December corn is down 1/2 cent per bushel and December soybean meal is steady. The Dow Jones Industrial Average is up 145 points and NASDAQ is down 68 points.