DTN Closing Livestock Comment 09/20 16:06
Stock Market Losses Leave Livestock Markets Unsupported
Livestock futures have regained minimal support throughout Monday despite
strong pressure in stock prices and financial and commodity markets. Selling
pressure slowed within the last hour of trade Monday, allowing limited price
support to trickle back into live cattle and feeder cattle futures.
By Rick Kment, DTN Contributing Analyst
Livestock markets, like most other commodity markets Monday, were under
pressure most of the session. Concerns surrounding China Property industry
markets, specifically the financial woes of Chinese company, Evergrande, took
center stage Monday. Feeder cattle futures closed mostly higher in late day
trade, while additional aggressive pressure was seen in hog markets. Hog prices
moved lower on the National Direct Afternoon Hog Report in light trade, falling
$2.16 with a weighted average of $79.32 on 6,367 head. December corn is down 5
1/2 cents per bushel and December soybean meal is down $2.40 per ton. The Dow
Jones Industrial Average is down 614 points and NASDAQ is down 330 points.