Is That a Rally in the Making or Just the Fourth of July Spirit?
The patriotic spirit overtook the marketplace and all three livestock contracts closed higher for the week.
Cattle contracts really tested the market Friday afternoon and flirted with nearby resistance. It seems odd that, with the backlog of cattle, prices would rally, but nevertheless, they did. Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.07 with a weighted average of $28.61 on 5,558 head. September corn is down 7 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is up 92.39 points and NASDAQ is up 53.00 points.