DTN Closing Livestock Comment 10/11 16:18

DTN Closing Livestock Comment 10/11 16:18 Cattle Prices Trudge Higher Monday Gains developed in most cattle futures trade Monday, but compared to the active buyer support last week, the shift in higher prices seemed to be a constant battle. This could limit follow-through buyer support as the week continues. Hog futures are showing additional pressure based on variable fundamental market moves. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Limited buyer support trickled back into the live cattle futures complex through most of the session with nearby contracts holding single-digit gains in most trade, while slightly more active buyer support is seen in the deferred market. The support developed in feeder cattle trade as November through May contracts posted firm upward momentum with traders picking up where they left off last week. The higher corn market seemed to have little impact on cattle futures, but traders are starting to focus more on long-term direction than short-term trade interest. Hog futures took the opportunity to retract previous gains once again, as traders still try to find a stable market range. Hog prices moved lower on the National Direct Afternoon Hog Report in moderate trade, falling $0.64 with a weighted average of $68.62 on 7,206 head. December corn is up 2 1/2 cents per bushel and December soybean meal is down $1.60 per ton. The Dow Jones Industrial Average is down 250 points and NASDAQ is down 93 points.