DTN Closing Livestock Comment 09/05 15:32

DTN Closing Livestock Comment 09/05 15:32 Cattle Futures Tumble on Technical Pressure Losses quickly developed in cattle markets late Thursday afternoon with October and December live cattle futures falling triple digits. Hog futures closed mixed on long-term trade optimism, while short-term demand uncertainty continues. By Rick Kment DTN Livestock Analyst GENERAL COMMENTS: Lean hog futures saw early gains Thursday morning on news that trade talks are planned for October between the U.S. and China. Market optimism faded through the day, but prices remained mostly higher. Sharp losses quickly developed in live cattle and feeder cattle futures as nearby live cattle futures broke through support levels, sparking technical pressure. Cash cattle trade started to develop in the South on Thursday with limited activity seen at $100 per cwt in Kansas and Texas. This is $2 to $3 per cwt lower than last week. No additional trade is reported in the North following lower trade at $165 to $167 Wednesday, which was generally $4 per cwt lower than last week. With this amount of cattle sold, it is likely that the tone of the market is already set, but additional trade is still possible before the end of the week. Bids are seen in the North at $103 live and $163 dressed. The National Daily Direct afternoon hog report was $1.28 lower ($49-$57.50 per cwt, weighted average $53.42). Corn prices bounced higher, but lost most of the early momentum at closing bell. December corn futures closed 1/4 cent higher. Stock markets were higher in moderate trade with the Dow up 403 points and the NASDAQ up 142 points.