It was an ugly day for the livestock contracts as the entire sector closed lower, even though the market’s fundamentals are still notably strong.
It was a brutal day watching the livestock contracts trade lower, but it was even more painful to see the corn market work over the feeder cattle contracts and equally as painful to see the cash cattle market’s developments. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.80 with a weighted average of $106.88 on 11,159 head. May corn is up 19 cents per bushel and July soybean meal is up $1.40. The Dow Jones Industrial Average is up 316.01 points and NASDAQ is up 163.95 points.