Cattle Close Sharply Lower, Lean Hogs Mixed
The cattle contracts had a rough Tuesday, especially in nearby contracts, while the lean hog market was able to close mildly higher in deferred contracts.
Cattle contracts had a tough Tuesday as support seemed to be nearly impossible to find. Gauging how fast and how far the market will drop on the live cattle spectrum seems to be everyone’s concern heading into June and nearing the dog days of summer. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.74 with a weighted average of $34.60 on 6,350 head sold. July corn is up 1 cent per bushel and July soybean meal is up $0.60. The Dow Jones Industrial Average is up 267.63 points and NASDAQ is up 56.33 points.