DTN Closing Livestock Comment 08/24 15:44

DTN Closing Livestock Comment 08/24 15:44 Late Day Weakness Evident in Cattle Futures Early support in cattle markets was unable to hold as late day losses were seen in nearby live cattle and most feeder cattle futures. Traders adjusted prices lower based on resurging grain prices and traders adjusting positions following recent support. Hog prices led the complex lower with increased underlying softness through the entire complex. This led to triple-digit losses in most 2022 contracts. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Early buyer support q ran out of gas in the last hour of trade Tuesday with nearby live cattle futures holding light to moderate losses, while most feeder cattle futures retracted a significant portion of Monday's gains. Higher grain prices were increasingly obvious, but traders also took a deeper look at price shifts, as the emotion from Friday's cattle on feed report has finally caused traders to remain more objective. Hog futures led the complex lower with triple-digit price reductions seen in February through October 2022 contract months. The concern of further pressure in pork values led to the weaker market shift. Hog prices surged higher on the National Direct Afternoon Hog Report in moderate trade, up $4.14 with a weighted average of $96.82 on 6,677 head. December corn is up 9 3/4 cents per bushel and December soybean meal is up $8 per ton. The Dow Jones Industrial Average is up 30 points and NASDAQ is up 77 points.