DTN Closing Livestock Comment 10/31 15:29

DTN Closing Livestock Comment 10/31 15:29 Livestock Futures Rally on Month End Buying End of the month buying activity flooded into all livestock futures through most of the Tuesday session. Triple-digit gains quickly developed in late morning in both cattle and hog futures, holding through closing bell. This is sparking some expectations of potential follow through support developing during early November. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle remain undeveloped Tuesday afternoon with bids and asking prices still undeveloped. Given the surge in cash prices last week and follow through support in futures trade, it is a safe bet that feeders will price cattle higher and remain focused on these prices for most of the week. But feedlot managers have good reason for not being willing to show their hand too quickly given the aggressive tone of the entire market. Bids and asking prices will likely become more evident Wednesday, although active trade may be delayed until the end of the week. According to the closing report, the national hog base is $0.43 lower compared with the Prior Day settlement ($58.00-$65.36) weighted average $64.37. The corn futures moved lower in light activity. December futures were 3 cents lower Tuesday. The Dow Jones Index is 35 points higher with the Nasdaq up 32 points.