The Week the Cattle Market Desperately Needed
This past week gave the livestock sector an opportunity to rally and, even though the cattle contracts closed lower Friday afternoon, the market made stark advancements throughout the week.
The cattle contracts may have closed lower Friday afternoon, but that doesn’t take anything away from the amazing rally this past week. The lean hog contracts held their ground and continued to rally, closing out Friday’s trade mostly higher. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.80 with a weighted average of $100.21 on 8,411 head. May corn is down 2 1/2 cents per bushel and May soybean meal is down $5.60. The Dow Jones Industrial Average is up 297.03 points and NASDAQ is up 70.87 points.