Sluggish Close Through Livestock Contracts Wednesday
Livestock contracts closed Wednesday without much excitement as the industry doesn’t seem too enthused or motivated to rally quite yet.
Contracts have decided that, for the meantime, a lackluster, doggish downward trade is where the chips need to fall. Last week’s rally may rival resistance later down the road, but, for now, contracts can’t muster up support. Cash hog prices closed $0.23 lower on the National Direct Afternoon Hog Report, with a weighted average of $29.14 on 9,504 head. December corn is up 1 3/4 cents per bushel and December soybean meal is down $1.30. The Dow Jones Industrial Average is up 177.10 points and NASDAQ is up 148.61 points.