Livestock Contracts Close Mixed
The live cattle complex struggled to close higher through nearby contracts but deferred contracts along with the feeder cattle contracts and lean hog market were able to rally into closing.
GENERAL COMMENTS:
It’s been a busy afternoon as the USDA released its Cattle Prices Investigation ahead of this week’s Cattle on Feed and Bi-Annual Inventory Report. The market closed with a little more optimism than what circulating during the morning, but the live cattle complex was able to shake the bearish undertone that’s rooted in nearby contracts.
Hog prices are higher on the National Direct Afternoon Hog Report, up $0.66 with a weighted average of $34.25 on 8,548 head. December corn is up 4 cents per bushel and December soybean meal is up $0.90. The Dow Jones Industrial Average is up 165.44 points and NASDAQ is up 25.77 points.
