Wednesday’s marketplace was a mixed bag as both the lean hog and feeder cattle contracts enjoyed ample support and closed fully higher, but the same can’t be said for the live cattle market.
Tuesday’s problem in the lean hog complex was that the market’s fundamentals neglected to support the board, but low and behold, the lean hog market was met with ample support and close fully higher Wednesday. Meanwhile, the cattle contracts closed mixed with feeder cattle still enjoying their opportunity to retake some positioning, while the live cattle contracts were pressured to scale lower.
Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.82 with a weighted average of $55.08 on 14,768 head. March corn is down 4 cents per bushel and March soybean meal is down $8.10. The Dow Jones Industrial Average is up 257.86 points and NASDAQ is up 260.07 points.