Cattle Continue to Trend Lower While Hogs Jump Higher
Tuesday was another disappointing day for the cattle contracts but served the lean hog sector well.
It’s been a tough week for the cattle contracts as traders invest in other contracts and let the cattle complex sit idle. Meanwhile, the lean hog market is bursting with support from a robust cash market and strong technical support on the board. Hog prices closed sharply higher on the National Direct Afternoon Hog Report, up $3.27 with a weighted average of $63.26 on 10,108 head. December corn is down 1/2 cent per bushel and December soybean meal is up $2.90. The Dow Jones Industrial Average is up 140.48 points and NASDAQ is up 184.84 points.