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.
GENERAL COMMENTS:
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.
