Wednesday was a higher closing day throughout the technical side of the livestock market, but fundamentally the live cattle market suffered.
The livestock contracts were able to close higher Wednesday afternoon, but that doesn’t mean that a rosy marketplace lies ahead for all the markets. Both the lean hog and feeder cattle contracts had a supportive fundamental day, but the live cattle market most certainly did not, as processing speeds are running slower, the cash cattle market is seeing less being offered and showlists are likely to grow.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $3.06 with a weighted average of $106.78 on 5,226 head.
December corn is up 2 3/4 cents per bushel and December soybean meal is steady. The Dow Jones Industrial Average is up 286.01 points and NASDAQ is up 133.07 points.