Cattle Contracts Close Mostly Lower While Hogs Secure Gains
Tuesday’s trade favored the lean hog complex and left the feeder cattle market sharply lower amid higher corn prices.
Tuesday’s trade left the cattle complex mostly lower (other than in nearby live cattle contracts) but boosted the lean hog market higher again! The feeder cattle market closed sharply lower as corn prices scaled higher and concerns about input costs are on everyone’s mind. Hog prices closed $0.47 lower on the National Direct Afternoon Hog Report with a weighted average of $64.08 on 4,803. December corn is up 5 1/2 cents per bushel and December soybean meal is up $9.50. The Dow Jones Industrial Average is down 375.88 points and NASDAQ is down 177.88 points.