Cattle feeding. Photo: ©Debra L Ferguson
The lean hog complex continues to build and cattle contracts are slowly regaining.
GENERAL COMMENTS:
Monday kicked the ground right out from under cattle futures, but as Tuesday progressed the market slowly rebuilt support and rallied through the day’s close. The lean hog complex continues to move higher as the market is being supported from both sides — cash hogs are selling stronger and the board is willing to close higher. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.93 with a weighted average of $42.28 on 11,169 head. December corn is up 9 1/2 cents per bushel and December soybean meal is up $3.00. The Dow Jones Industrial Average is down 60.02 points and NASDAQ is up 86.75 points.
