Tuesday’s close was better than what was expected around the noon hour; cattle prices rebounded modestly in some contracts all while hog issues surged higher.
Tuesday’s cattle futures opened higher, fell lower and then picked up right before closing higher in most contracts. Lean hog markets had a huge day with significant price gains and aggressive slaughter.
Hog prices are higher on the National Direct Afternoon Hog Report, up $1.08 with a weighted average of $59.24.
December corn is down 4 1/2 cents per bushel and December soybean meal is down $3.10. The Dow Jones Industrial Average is up 236.90 points and NASDAQ is up 100.05 points.