Early trade Friday gave glimmers of hope that active selling had slowed. But this was short lived as live cattle markets nearly hit limit losses at the closing bell. Hog futures faired the best of livestock trade, but still pushed prices firmly lower.
Cattle futures trade resembled a game of “whack-a-mole” Friday as short bursts of buying posted gains. But this was followed by a firm beat down as sharp losses developed in most contracts at the closing bell. The narrative has not changed through the week, with the focus on potential coronavirus impact to domestic and global economies and buying habits heavily affecting livestock trade.
Hog prices are higher on the National Direct Afternoon Hog Report, up $0.25 with a weighted average of $50.59.
May corn is up 1/4 cent per bushel and May soybean meal is up $2. The Dow Jones Industrial Average is down 797.94 points and NASDAQ is down 153.62 points.