Even though the corn market drew back by $0.38 to $0.40 in the nearby contracts, the whispers of a dark Saturday in a major beef plant stole the cattle market’s attention.
As if the cattle market needed any more heartache, Thursday’s trade feels like an utter robbery. With the corn market plummeting lower, the cattle contracts were sitting prime to have a strong rally until rumors broke out that a major beef plant isn’t planning on processing cattle this Saturday.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $2.28 with a weighted average of $113.45 on 3,709 head.
July corn is down 40 cents per bushel and July soybean meal is down $27.40. The Dow Jones Industrial Average is up 433.79 points and NASDAQ is up 93.31 points.