The livestock contracts were pressured into trading lower, but thankfully the feeder cattle contracts still saw the corn market’s limit lower close as an opportunity to ignite the market’s fire throughout the countryside.
A technical sell-out throughout the futures market may have pushed most of the livestock contracts lower, but the market wasn’t able to hinder the rally on feeder cattle prices — thankfully!
Hog prices closed sharply lower on the National Direct Afternoon Hog Report, down $6.17 with a weighted average of $122.28 on 9,296 head.
July corn is down 40 cents per bushel and July soybean meal is down $17.70. The Dow Jones Industrial Average is down 210.22 points and NASDAQ is up 121.68 points.