With the livestock markets able to see higher closes throughout various contracts, Wednesday ended up being an OK day. The disappointing facet came from the market’s weaker cash markets.
It ended up being a better day for the cattle contracts than anticipated as the feeder cattle contracts closed fully higher and the live cattle market was only met with some resistance in nearby contracts. Largely the lean hog contracts traded a lot like the live cattle market as the industry faces heavy front-end supplies and continues to look for support to drive the market higher. Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.52 with a weighted average of $54.48 on 7,266 head. March corn is up 7 1/4 cents per bushel and March soybean meal is down $8.30. The Dow Jones Industrial Average is down 8.22 points and NASDAQ is up 56.52 points.