Cattle Regress, Lean Hogs Close Stronger
Earlier Tuesday it looked like the markets were rallying through the shortened week without a care in the world, but as time processed, cattle contracts changed direction and closed lower, but hog contracts still rallied through closing.
Cattle contracts trended higher through most of the day, but near closing the complex sank lower.
Meanwhile, the lean hog complex didn’t bat an eye at how the cattle contracts were trading as cash prices remained elevated through closing and the board held onto its strength through the end of the day. Hog prices closed $0.14 higher with a weighted average of $28.45 on 10,406 head. September corn is up 12 3/4 cents per bushel and July soybean meal is up $5.80. The Dow Jones Industrial Average is up 217.08 points and NASDAQ is up 184.62 points.