DTN Closing Livestock Comment 08/12 15:37

DTN Closing Livestock Comment 08/12 15:37 Livestock Futures Make Firm Gains Despite Turbulent Grain Market Moves Livestock futures closed mostly higher Thursday afternoon despite the midday price shifts seen across the complex. Grain prices moved in a wide and volatile range during the day, although most livestock markets focused on developing fundamental support. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Active gains developed in live cattle and lean hog futures trade Thursday afternoon with October live cattle futures leading the cattle market higher with a 92-cent-per-cwt gain. December lean hog contracts posted a $1-per-cwt rally, creating additional underlying support in all markets, and helping to move prices further away from support levels established earlier in the week. The wide shift in corn prices following the morning USDA and WASDE reports sparked volatility in the feeder cattle markets, but prices quickly bounced off session lows to close mostly higher. Hog prices closed higher on the National Direct Afternoon Hog Report in moderate trade, up $0.51 with a weighted average of $100.12 on 6,585 head. December corn is up 14 cents per bushel, and December soybean meal is up $2 per ton. The Dow Jones Industrial Average is down 8 points, and the NASDAQ is up 46 points.