Corn Rally Weakens, Allowing Feeder Cattle to Close Higher
Livestock markets closed Wednesday higher despite pressure looming throughout the day.
The market’s biggest questions for the day surrounded the feeder cattle complex, as corn prices tipped higher, adding immense pressure to the marketplace. As the corn market weakened near close, the feeder cattle market was able to secure higher prices. Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.38 with a weighted average of $63.85 on 6,673 head. December corn is up 3 3/4 cents per bushel and December soybean meal is up $6.30. The Dow Jones Industrial Average is up 530.70 points and NASDAQ is up 210.00 points.