Cattle contracts closed higher, giving feeders confidence in asking higher prices for this week’s cash cattle trade.
Wednesday boosted the moral throughout the cattle sector after following two days of mostly lower trade. The lean hog complex was still able to rally nearby contracts but fought some hesitation in deferred contracts. Hog prices are higher on the National Direct Afternoon Hog Report, up $1.00 with a weighted average of $64.35 on 9,463 head. December lean hogs are up $0.25 at $64.35, December corn is down 3/4 cent per bushel and December soybean meal is up $3.60. The Dow Jones Industrial Average is down 525.05 points and NASDAQ is down 330.66 points.