Heading into next week’s trade, the cash cattle market hopes to find more support than it did this past week.
It was a mixed week for the livestock complex as boxed beef demand should have spurred higher cash cattle trade, but the market didn’t make the full connection. Feeder cattle prices continued to see robust interest from buyers in the countryside, but, technically, the market neglected to find the support it needed. In the lean hog market, a sideways trending pork cutout value didn’t add much gusto the futures market trade.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.88 with a weighted average of $101.70 on 3,010 head.
December corn is down 11 1/4 cents per bushel and December soybean meal is down $5.50. The Dow Jones Industrial Average is down 149.19 points and NASDAQ is down 105.58 points.