DTN Closing Livestock Comment 09/15 16:11

DTN Closing Livestock Comment 09/15 16:11 Feeder Cattle Lead Market Lower Wednesday Traders slowly but steadily backed away from previous gains, although the underlying tone remains weak, the ability to hold above early week support levels could help to spark renewed long-term interest. Hog futures became the bright spot of the livestock market with strong spot market buying developing Wednesday. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Cattle futures moved mostly lower with October live cattle futures the only contract month able to etch out a gain by the end of the session. Strong underlying pressure redeveloped in feeder cattle futures, offsetting most of Tuesday's gains by the end for the day. Hog prices closed mixed with October futures holding a $1.90 per cwt gain. The focus on strong outside market support moved traders' attention away from the livestock complex. Hog prices moved lower on the National Direct Afternoon Hog Report in moderate trade, falling $0.57 with a weighted average of $83.50 on 8,193 head. December corn is up 13 1/4 cents per bushel and December soybean meal is down $2.20 per ton. The Dow Jones Industrial Average is up 267 points and NASDAQ is up 126 points.