Heading into Friday’s trade and rounding out the week, the feeder cattle contracts are hopeful that the corn market might be idle so they won’t have to endure stark losses once again.
It was a relatively quiet day for the livestock complex with both the lean hog and live cattle contracts seeing modest support carry the contracts higher into the day’s close, while the feeder cattle complex continued to sway lower as corn prices kept rallying.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.51 with a weighted average of $116.42 on 6,533 head.
May corn is up 6 1/4 cents per bushel and May soybean meal is up $3.40. The Dow Jones Industrial Average is up 318.19 points and NASDAQ is up 50.42 points.