DTN Closing Livestock Comment 10/26 16:08
Cattle Storm Higher Tuesday
Both the live cattle and feeder cattle contracts had a stellar day, but the
lean hog market continued to slide lower as packers look for a hungry buyer.
DTN Livestock Analyst
The market may have been slow at finding all the bullish support that
Friday's Cattle on Feed report had in store for the complex, but come Tuesday,
the cattle contracts shot noticeably higher. The big question for the week now
is whether or not cash cattle prices are going to see the same kind of gusto
overtake its market. Hog prices closed $0.15 higher on the National Direct
Afternoon Hog Report, up $0.15 at $63.81 on 7,615 head. December corn is up 5
1/2 cents per bushel and December soybean meal is down $0.30. The Dow Jones
Industrial Average is up 15.73 points and NASDAQ is up 9.01 points.
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