Tuesday was a wild day for the livestock complex with much happening in the markets and throughout the world.
GENERAL COMMENTS:
What a week to step into. Tensions with Ukraine and Russia have escalated given that Russia has now entered Ukraine. Grain prices are through the roof as the invasion of Ukraine will affect trade. The feeder cattle contracts are sweating as grain prices rally to new highs. Boxed beef prices became inverted for the first time since 2018. How about that for the most Monday-feeling Tuesday ever?!
Hog prices closed higher on the National Direct Afternoon Hog Report, up $6.77 with a weighted average of $89.33 on 5,075 head.
March corn is up 20 1/2 cents per bushel and March soybean meal is up $5.80. The Dow Jones Industrial Average is down 482.57 points and NASDAQ is down 166.55 points.
