The wet weather forecast for much of the Midwest has corn producers on edge, while cow-calf producers are gaining hope that this year’s market could be favorable.
The livestock market’s biggest development Tuesday was sharp losses in the corn market, which allowed feeder contracts to rally. The live cattle and lean hog contracts had a quieter day as both markets need to seek clear fundamental direction.
Hog prices have no comparison on the National Direct Afternoon Hog Report, but there was a movement of 4,657 head with a weighted average of $110.23 and a five-day rolling average of $110.53.
December corn is down 40 cents per bushel and December soybean meal is down $25.90. The Dow Jones Industrial Average is down 208.98 points and NASDAQ is up 24.32 points.