After trending lower throughout the earlier part of the week, the live cattle contracts were thankful to close higher, and cash cattle sellers pray it will boost the cash market before the week’s end.
It was a day of higher closes throughout the livestock complex. Lean hogs led the rally with the most gusto, but the cattle contracts were thankful to have support, given the depressed state this week has presented. Hog prices closed higher on the National Direct Afternoon Hog Report, up $2.53 with a weighted average of $75.70 on 8,824 head. March corn is up 5 1/2 cents per bushel and May soybean meal is up $1.30. The Dow Jones Industrial Average is up 424.51 points and NASDAQ is up 132.77 points.