DTN Livestock Close: Cattle Prices Tumble Lower

©Debra L Ferguson Stock Photography

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.

GENERAL COMMENTS:

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.

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