Tuesday Left the Livestock Complex Mixed
Tuesday roared into the week optimistically, allowing the livestock contracts to trade higher early in the day. However, as the day drew closer to closing the live cattle and lean hog contracts faced some resistance.
The livestock complex closed mixed Tuesday afternoon. The lean hog market continued to fight pressure while the feeder cattle contracts relished in the opportunity to close higher due to lower corn prices. Hog prices closed lower on the National Direct Afternoon Hog Report, down $1.04 with a weighted average of $54.26 on 9,088 head. March corn is down 5 1/2 cents per bushel and March soybean meal is down $12.70. The Dow Jones Industrial Average is up 116.26 points and NASDAQ is up 198.68 points.