Looking to Friday’s market, the cattle complex will have a lot to sort through as both the monthly Cattle on Feed report and bi-annual Cattle Inventory report will be released Friday afternoon.
Thursday was a winning day for the cattle contracts as both the live and feeder cattle futures closed higher, celebrating a strong export report and a weaker corn market. The lean hog market’s rally came to a bitter end, though, as the market didn’t find the support it was hoping to see on the export report.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $1.47 with a weighted average of $105.31 on 6,601 head.
December corn is down 7 1/4 cents per bushel and December soybean meal is down $8.00. The Dow Jones Industrial Average is up 25.35 points and NASDAQ is up 52.65 points.