DTN Closing Livestock Comment 10/07 16:19

DTN Closing Livestock Comment 10/07 16:19 Momentum Builds in Surging Feeder Cattle Market Thursday Building on early week success, feeder cattle futures posted the largest one-day rally of the year with October contracts breaking above $160 per cwt and posting a $3.55 per cwt gain. This helped spark active gains in live cattle trade as traders are moving away from recent lows as buyer momentum continues to flood into the market. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Gains in livestock trade were focused on the moves higher in feeder cattle trade. The buyer interest moving into the market is impressive, but this is leading to a significant rally over the last week that could help to spark even larger, long-term market moves in all cattle trade. October futures broke above $160 per cwt, gaining nearly $8 per cwt to the market price since hitting market lows a week ago. Live cattle futures posted slightly less market support, but still closed with triple-digit gains Thursday. Although gains in hog trade were narrow, the break from weaker moving prices was encouraging. Hog prices moved higher on the National Direct Afternoon Hog Report in moderate trade, adding $0.17 with a weighted average of 70.18 on 7,268 head. December corn is up 1 3/4 cents per bushel and December soybean meal is down $3.40 per ton. The Dow Jones Industrial Average is up 337 points and NASDAQ is up 152 points.