After a tough week, the livestock complex hopes Monday’s arrival brings renewed support both technically and fundamentally.
GENERAL COMMENTS:
It was a mixed day for the livestock complex as both the live cattle and feeder cattle contracts closed mixed, but were thankful to see a supportive WASDE report for cattle and were relieved to see USDA didn’t decrease their corn projection. Meanwhile the lean hog complex closed mostly higher after coming off the market’s recent highs earlier this week.
Hog prices closed lower on the Daily Direct Afternoon Hog Report down $2.57 with a weighted average of $97.73 on 4,194 head.
May corn is up 11 cents per bushel and May soybean meal is up $8.00. The Dow Jones Industrial Average is up 137.55 points and NASDAQ is down 186.30 points.
