Heading into Thursday’s trade, hogs are hopeful to find a strong export report which should help the market’s ability to rally into the later part of the week.
The cattle complex continued to struggle throughout Wednesday’s trade, but the lean hog market couldn’t have cared less that grains rallied Tuesday. Heading into Thursday’s trade, the market will be anxious to see how the first export report of the year treats the complex.
Hog prices closed higher on the National Direct Afternoon Hog Report, up $4.73 with a weighted average of $67.82 on 13,445 head.
March corn is down 7 1/4 cents per bushel and March soybean meal is down $1.30. The Dow Jones Industrial Average is down 392.54 points and NASDAQ is down 522.55 points.