Livestock Contracts Close with a Mix of Support and Pressure
Monday was a mixed bag for the livestock complex as cattle closed higher but lean hogs were left undecided with the board lower but the cash market up nearly $5.00.
Last week lean hog contracts shined, rallying all throughout the week and having enormous support through the cash market. Even though the cash market still closed sharply higher Monday, the board’s support was lacking. Meanwhile, the cattle contracts rallied throughout Monday and the cash cattle market is hopeful to move this week’s market higher. Hog prices jumped through the roof this afternoon on the National Direct Afternoon Hog Report, up $4.94 with a weighted average of $57.84 on 9,607 head. December corn is up 1 cent per bushel and December soybean meal is down $2.60. The Dow Jones Industrial Average is up 327.69 points and NASDAQ is up 203.11 points.