DTN Closing Livestock Comment 10/05 16:09

DTN Closing Livestock Comment 10/05 16:09 Feeder Cattle Lead Livestock Market Higher Tuesday Following impressive gains Monday in live cattle contracts, the baton was handed to the feeder cattle complex to continue the upward market shift. Triple-digit gains in all nearby feeder cattle trade left traders looking for additional positive moves as the week continues. Hog futures closed mixed, but quickly backed away from active morning losses, potentially stabilizing prices at current levels. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Cattle futures stole the show once again as active trade interest developed in both live cattle and feeder cattle markets during the Tuesday session. Given the fact that cattle trade has been so severely oversold over the past several weeks, it is no shock that prices are able to make significant progress in just a short time. Feeder cattle futures were the highlight of the session, although the inability to post gains in all live cattle futures at the closing bell seems to be creating some renewed uncertainty as to how much additional gains can be expected. Hog futures closed mixed following early market weakness, traders still are trying to find market stability following the emotionally driven and likely overly aggressive gains last week. Hog prices moved lower on the National Direct Afternoon Hog Report in moderate trade, falling $0.75 with a weighted average of $71.26 on 5,533 head. December corn is down 3 1/4 cents per bushel and December soybean meal is down $2.40 per ton. The Dow Jones Industrial Average is down 390 points and NASDAQ is down 193 points.