Looking to Wednesday’s trade, the lean hog market is hopeful to continue its higher trend and the cattle contracts are going to be eyeing the cash cattle market carefully to see where feedlots stand in their quest for higher prices.
The day came and went without a whole lot of new developments affecting the livestock complex. The lean hog market was able to rally support and saw gains throughout both the cash market and in the day’s cutout value, but the cattle contracts weren’t as fortunate. Hog prices closed higher on the National Direct Afternoon Hog Report, up $1.01 with a weighted average of $101.55 on 9,470 head. May corn is up 11 cents per bushel and May soybean meal is down $6.90. The Dow Jones Industrial Average is down 68.13 points and NASDAQ is up 146.11 points.