DTN Closing Livestock Comment 08/31 16:00

DTN Closing Livestock Comment 08/31 16:00 Livestock Futures Show Additional Widespread Weakness Triple-digit losses developed Tuesday as follow-through pressure developed in all markets after early week losses in live cattle and lean hog trade. Trade volume is starting to slow ahead of the holiday weekend, creating the potential for even more price volatility with limited players in the market. Strong grain market pressure left most commodities unsupported. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Weakness developed Tuesday as nearly all livestock markets posted moderate to aggressive losses. The overall lack of support in the complex continues to add concern that further weakness will develop in early September as traders head toward the long Labor Day weekend. Following contract highs in live cattle and feeder cattle futures during the month of August, some traders also focused on adjusting positions on the last day of the month. Hog prices moved higher on the National Direct Afternoon Hog Report in moderate trade, added $2.23 with a weighted average of $92.95 on 9,034 head. December corn is down 8 1/2 cents per bushel and December soybean meal is down $1.60 per ton. The Dow Jones Industrial Average is down 42 points and NASDAQ is down 11 points.