Reminded of Bearish Truths
Cattle contracts closed fully lower, but the lean hog complex was able to safeguard some positivity in the deferred contracts.
The livestock complex closed mostly lower as all three markets felt immense nearby pressure and were reminded of the uphill battle that the market will most likely endure through potentially the rest of the year. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.63 with a weighted average of $31.08 on 9,356 head. December corn is down 2 3/4 cents per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is up 556.79 points and NASDAQ is up 97.74 points.