Despite cattle futures showing promising life early Friday morning, sharp losses flooded nearby contracts, leaving large follow-through losses in all livestock markets. The inability to bring price stability is causing additional concerns for price support early next week.
Another volatile day of trade in livestock markets Friday with early buyer support quickly evaporating as underlying bearish factors took hold and pulled prices lower. Cash cattle trade remained undeveloped, leaving overall trade volumes limited for the week and creating questions of packers’ intentions early next week.
Hog prices are $1.70 per cwt lower at $42.88 per cwt on the National Direct Afternoon Hog Report.
May corn is down 2 3/4 cents per bushel and May soybean meal is down $5.90. The Dow Jones Industrial Average is down 413.56 points and NASDAQ is down 158.25 points.