DTN Closing Livestock Comment 08/11 15:48

DTN Closing Livestock Comment 08/11 15:48 Hog Futures Became Bright Point of Wednesday Trade In what started out as a sluggish market move Wednesday morning, sparked renewed buyer support in October and December lean hog futures. Cattle futures remained under pressure going into closing bell as higher grain prices had a significant impact on overall market activity. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Lean hog futures became the bright spot of a pretty mundane and lackluster trading session Wednesday. The focus on increased pork prices in both the morning and afternoon report seemed to on renewed trade interest in October and December futures, which posted aggressive late-day gains. Cattle markets were less optimistic, as feeder futures got caught up in the renewed grain market support, and additional concerns of elevated feed and production costs put pressure on all contracts. Live cattle futures seem to be paying no attention to the surging boxed beef values as traders quickly backed away from previous gains seen Tuesday. Hog prices closed higher on the National Direct Afternoon Hog Report in moderate trade, up $0.41 with a weighted average of $99.61 on 7,420 head. December corn is up 6 cents per bushel and December soybean meal is down $3 per ton. The Dow Jones Industrial Average is up 220 points and NASDAQ is down 22 points.