DTN Closing Livestock Comment 09/02 15:58

DTN Closing Livestock Comment 09/02 15:58 Cattle Futures Retreat Following Feeder Cattle Pressure Active losses flooded into feeder cattle trade Thursday morning. A combination of limited pre-holiday trade volume and concerns that active buyer support may be limited after the holiday weekend sparked triple-digit losses in both live and feeder cattle trade. Lean hog futures closed mixed in an unevenly steady type of session as narrow losses in nearby futures were offset by limited to moderate gains in early 2022 contract months. By Rick Kment, DTN Contributing Analyst GENERAL COMMENTS: Feeder cattle was the market to watch Thursday afternoon with nearby contracts trading $3 to $4 per cwt lower earlier in the session. This abrupt weakness not only caused prices to break out of the recent market trend, but also sparked triple-digit losses in live cattle trade. Hog futures were isolated enough from the cattle market losses due to the overall limited pre-holiday trade volume, but this could lead to more price swings in all markets Friday. Hog prices moved lower on the National Direct Afternoon Hog Report in light trade, fell $0.62 with a weighted average of $88.91 on 5,650 head. December corn is up 2 3/4 cents per bushel and December soybean meal is down $3.50 per ton. The Dow Jones Industrial Average is up 131 points and NASDAQ is up 21 points.