DTN Closing Livestock Comment 09/23 16:00

DTN Closing Livestock Comment 09/23 16:00 Lean Hog Futures Surge to Two-Week Highs Lean hog markets stole the show Thursday as aggressive triple-digit gains moved back into the complex. Following pressure over the last two weeks, buying interest flooded the market as traders change market direction. Early spillover support in cattle trade faded, leaving markets mixed but hopeful of future gains. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Active gains redeveloped in lean hog futures following widespread outside market support Thursday. December lean hog futures led the entire livestock complex higher, closing $3.12 per cwt higher, moving to the highest price in two weeks. The ability to hold these gains through the end of the week is likely to create additional underlying support and spark renewed interest in commercial and noncommercial buying through the end of September. Cattle futures held moderate gains most of the session, but a late day pullback in feeder cattle seemed to slowly limit optimism in all cattle futures. Traders are eagerly waiting for both the cattle on feed report and hogs and pigs report, which will be released Friday afternoon. Hog prices moved lower on the National Direct Afternoon Hog Report in light trade, falling $0.63 with a weighted average of $76.53 on 4,855 head. December corn is up 3 3/4 cents per bushel and December soybean meal is down $1.70 per ton. The Dow Jones Industrial Average is up 506 points and NASDAQ is up 156 points.