DTN Closing Livestock Comment 08/17 16:08

DTN Closing Livestock Comment 08/17 16:08 Livestock Futures Slid Lower Late Tuesday With very little additional news seen in livestock markets, traders seemed to become discontent with the stability seen Tuesday morning. This led to light to moderate pressure in nearby cattle and hog futures due mostly to lack of new information, but active pressure in grain and financial markets. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Tuesday morning trade in cattle futures remained limited, focusing on narrow to moderate losses as traders moved prices within a narrow but sideways trend. The last half of the trading session became more active with additional losses in grain and stock markets creating some uncertainty, which added more active selling pressure. October live cattle and lean hog futures posted $1 per cwt weakness, as did September feeder cattle futures. Even though spot markets led the market lower, there was little interest in posting aggressive pressure in deferred contracts. Hog prices closed higher on the National Direct Afternoon Hog Report in moderate trade, up $2.64 with a weighted average of $98.32 on 7,030 head. December corn is down 5 1/4 cent per bushel and December soybean meal is down $0.40 per ton. The Dow Jones Industrial Average is up 286 points and NASDAQ is down 138 points.