A stronger close in cattle contracts comes as a sigh of relief to cattlemen as the market tested strong levels Friday afternoon.
Heading into Monday’s trade, the biggest questions were looming around feeder cattle contracts and if prices were going to be able to support Friday’s jump above resistance levels. Though the complex didn’t trade steadily higher throughout the day, the feeder cattle contracts were able to keep above Friday’s close. Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.66 with a weighted average of $40.28 on 6,053 head. December corn is up 1 1/2 cents per bushel and December soybean meal is down $1.60. The Dow Jones Industrial Average is up 236.08 points and NASDAQ is up 157.52 points.