Livestock Contracts Take Monday Higher
The live cattle and lean hog contracts took Monday by storm and were able to encourage the feeder cattle market into a higher close as well.
Livestock contracts mostly jumped at the opportunity to close higher. The feeder cattle complex was leery early in the day but eventually mustered up enough support to move the contracts higher. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.24 with a weighted average of $38.43 on 6,343 head. December corn is up 2 1/4 cents per bushel and December soybean meal is up $2.80. The Dow Jones Industrial Average is up 357.96 points and NASDAQ is down 42.62 points.