DTN Closing Livestock Comment 09/07 16:17

DTN Closing Livestock Comment 09/07 16:17 Widespread Losses Sweep Across Markets Tuesday Active pressure in most futures was not what market observers hoped for when returning from the long holiday weekend. Livestock futures posted triple-digit losses as nearly all agricultural and outside markets tumbled lower Tuesday. Concerns of further weakness in cattle and hog trade are developing as traders navigate past summer demand needs. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Triple-digit losses developed in all livestock futures Tuesday as traders were unable and unwilling to break away from the wide-reaching pressure in most commodity and financial markets Tuesday. The generally weaker tone seemed to catch cattle and hog markets somewhat by surprise as losses from last week were significantly extended, creating not only further technical pressure but questions of the ability to establish support price levels any time soon. Intensity of market pressure over the next couple of trading sessions will be closely followed in cattle and hog futures with traders focusing on internal market shifts as well as general widespread neighboring market moves. Hog prices moved lower on the National Direct Afternoon Hog Report in light trade, fell $1.29 with a weighted average of $87.56 on 5,304 head. December corn is down 13 1/4 cents per bushel and December soybean meal is down $3.20 per ton. The Dow Jones Industrial Average is down 267 points and NASDAQ is up 10 points.