Looking to next week, traders will be challenged to sort out the market’s trajectory, given the fundamental challenges ahead.
GENERAL COMMENTS:
Friday’s trade favored the cattle contracts while the lean hog contracts were left high and dry. Looking to next week, traders will have a lot to sort out and manage in both the hog and cattle markets. Cattle prices could be pressured if boxed beef prices commit to trading lower, and the lean hog market continues to wonder when a top is in store.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.46 with a weighted average $119.26 on 6,513 head.
July corn is down 14 1/2 cents per bushel and July soybean meal is up $1.70. The Dow Jones Industrial Average is up 13.36 points and NASDAQ is up 49.09 points.
