DTN Closing Livestock Comment 08/20 16:26

DTN Closing Livestock Comment 08/20 16:26 Active Pre-Report Buying Rallied Feeder Cattle Futures Feeder cattle futures surged higher in the last hour of trade Friday, anticipating the Cattle on Feed report. Cattle placement levels in July were 92% of year-ago levels. This is expected to create moderate support early next week. Hog futures continued to post aggressive gains ahead of the weekend break. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Cattle on feed numbers are listed at 11.07 million head at the end of July. This is the smallest on feed count since the end of August 2020. Total on feed numbers fell 2% from year ago levels, well within pre-report expectations. Late-day buying quickly developed in all livestock contracts Friday with cattle traders adjusting positions in front of the report. This pushed September contracts $2.60 per cwt higher at the closing bell. Hog prices closed lower on the National Direct Afternoon Hog Report in moderate trade, down $2.40 with a weighted average of $96.40 on 5,402 head. December corn is down 13 3/4 cent per bushel and December soybean meal is up $1.30 per ton. The Dow Jones Industrial Average is up 225 points and NASDAQ is up 172 points.