Wednesday’s trade wasn’t nearly as exciting nor invigorating as Tuesday’s market, but seeing that there’s only been a light test of cash cattle thus far in the week, there should be more business done Thursday.
Wednesday’s trade can be summarized as a pullback day for traders. After pushing the contracts higher Tuesday, traders panicked come Wednesday and looked to the market’s fundamentals for direction.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $5.26 with a weighted average of $122.78 on 5,520 head.
July corn is up 4 1/2 cents per bushel and July soybean meal is down $9.10. The Dow Jones Industrial Average is down 71.34 points and NASDAQ is up 18.46 points.