The revival that both the live cattle and lean hog contracts had throughout Tuesday’s trade came as a breath of fresh air following their doggish demeanor throughout Monday’s hours.
It was a rallying day for both the live cattle and lean hog markets as both sought out higher prices following Monday’s weaker close. Meanwhile, the feeder cattle complex wasn’t as lucky, as the modestly higher trade in the corn market rocked the feeder cattle market’s confidence and sent prices trading lower once again.
Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.91 with a weighted average of $111.01 on 8,329 head.
July corn is up 5 3/4 cents per bushel and July soybean meal is down $4.10. The Dow Jones Industrial Average is down 267.13 points and NASDAQ is down 75.41 points.