It was a bitter day for the cattle contracts as the corn market continues to add a new top to its rally and consequently pushes cattle contracts lower, and lower time and time again.
The corn market’s rally came at a rather large expense to the cattle contracts, and the market’s lower morale even soaked into the lean hog contracts before closing. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.42 with a weighted average of $107.30 on 6,010 head. May corn is up 25 cents per bushel and July soybean meal is up $9.20. The Dow Jones Industrial Average is down 321.41 points and NASDAQ is down 131.81 points.