It was a day for the feeder cattle market! With advancements of $2.00 to $3.00 made, cattlemen are praying that the corn market hold steady or keeps trading lower so that this week’s feeder cattle sales can encourage strong buying.
It was a phenomenal day for the cattle contracts as the feeder cattle complex led the day with $2.00 and $3.00 advancements. The live cattle market followed in its shadow, though certainly not as aggressively. The lean hog market hung back and traded lower as traders are cautious about this week’s market given the weaker cutout close.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $2.37 with a weighted average of $116.89 on 5,566 head.
July corn is down 25 1/4 cents per bushel and July soybean meal is down $9.40. The Dow Jones Industrial Average is down 85.85 points and NASDAQ is up 104.72 points.