DTN Closing Livestock Comment 08/19 15:52

DTN Closing Livestock Comment 08/19 15:52 Livestock Futures Turn Lower on Widespread Pressure Active outside pressure made it difficult for livestock traders to show any sign of positive movement Thursday. Nearby lean hog futures led the charge for daily losses, but firm pressure in live cattle and feeder cattle contracts seemed to dispel optimism seen midweek. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Active losses quickly developed in all livestock futures, although the moves in cattle and hog markets were more focused on outside pressure than any technical or fundamental changes developing during the week. Livestock futures have also been caught up in a daily up and down cycle, which is making it even harder to string two consecutive positive trading sessions together. Nearby live cattle and feeder cattle contracts have not posted two consecutive days of gains since early August, adding to the concern that prices may continue to chop in a sideways pattern over the near future. The focus on Friday's cattle on feed report will likely divert most of the attention away from most other factors early Friday -- at least in live cattle and feeder cattle trade. Hog prices closed higher on the National Direct Afternoon Hog Report in moderate trade, up $1.29 with a weighted average of $98.80 on 8,215 head. December corn is down 14 1/4 cent per bushel and December soybean meal is down $6.70 per ton. The Dow Jones Industrial Average is down 65 points (after cutting earlier losses in half) and NASDAQ is up 15 points.