Even though nearby live cattle contracts cashed out the day with slight gains and feeder cattle contracts closed mostly higher, it would appear that the board is running out of gas.
During Thursday’s closing comments we looked towards Friday in hopes that answers would surface — answers helping traders and cattlemen understand where the board is bound to land, or even bigger than that, what general direction can be assumed here for the next little while. And even though nearby live cattle contracts took home 2- to 5-cent gains, the bell has whistled, the markets closed, a topping pattern is surfacing and steady prices are likely to be home for a while.
Hog prices are higher on the National Direct Afternoon Hog Report, up $0.54 with a weighted average of $42.73.
December corn is down 4 1/2 cents per bushel and December soybean meal is up $4.00. The Dow Jones Industrial Average is up 222.93 points and NASDAQ is up 61.81 points.