DTN Closing Livestock Comment 09/08 16:02

DTN Closing Livestock Comment 09/08 16:02 Late Day Pressure Erodes Initial Price Stability Strong underlying weakness redeveloped in cattle futures during the last half of trade Wednesday. Mixed trade through the morning created a sense of hope that price stability was slowly developing, but buyers q ran out of steam in the last two hours of trade, allowing for firm end of the day losses across cattle and hog markets. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Cattle futures led the complex lower Wednesday afternoon following another round of late day liquidation in both live cattle and feeder cattle trade. Early trade Wednesday morning remained stable within a narrowly mixed price range, but the combination of limited buyer interest and continued concern surrounding further pressure in beef values turned markets lower in the last two hours of trade. Mixed trade developed in lean hog futures as pressure in nearby contracts was traded for limited but evident support in early 2022 contract months. Hog prices moved higher on the National Direct Afternoon Hog Report in active trade, added $1.31 with a weighted average of $89.71 on 12,586 head. December corn is down 1/2 cent per bushel and December soybean meal is unchanged. The Dow Jones Industrial Average is down 81 points and NASDAQ is down 96 points.