DTN Closing Livestock Comment 08/18 16:05

DTN Closing Livestock Comment 08/18 16:05 Wednesday Was a Strong Day for Livestock Futures Livestock futures posted impressive market gains with traders looking for increased underlying support in feeder cattle and lean hog trade. The upward shift in corn prices was not enough to discourage buyers to actively step back into the feeder cattle complex Wednesday afternoon. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Feeder cattle futures rallied higher late Wednesday with active triple-digit gains seen in all contracts, while nearby futures posted gains over $2 per cwt at the closing bell. The focus on tighter expected feeder cattle supplies, as traders are now able to trade cattle on feed report estimates, has created renewed market momentum. Lean hog futures posted firm nearby gains as traders focus on the potential for further support in cash values in the upcoming days. Even with 50- to 90-cent gains, live cattle futures seemed to get the least amount of market momentum, although these market shifts could bring further support over the coming days. Hog prices closed lower on the National Direct Afternoon Hog Report in light trade, down $0.81 with a weighted average of $97.51 on 5,602 head. December corn is up 1 1/2 cent per bushel and December soybean meal is down $2.50 per ton. The Dow Jones Industrial Average is down 382 points and NASDAQ is down 130 points.