DTN Livestock Closing: No Grace for the Contracts

A Criollo steer on the USDA-ARS, Jornada Experimental Range in southern New Mexico. Photo: Texas AgriLife Extension

It was a brutal day for the livestock complex as the entire market closed lower without much support to drive any of the contracts higher.

GENERAL COMMENTS:

It was a rough day for the livestock contracts. The lean hog market tumbled upon seeing a marketing year low export report. The feeder cattle contracts are queasy at the thought of their cost of gains amid $120 fat cattle prices. And the cash cattle market disappointed many as trade developed for only $0.50 to $1.00 higher Thursday afternoon. Hog prices closed higher on the National Direct Afternoon Hog Report, up $1.43 with a weighted average of $102.78 on 7,540 head. May corn is down 4 cents per bushel and May soybean meal is up $3.70. The Dow Jones Industrial Average is up 305.10 points and NASDAQ is up 180.92 points.

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