Cattlemen couldn’t be more thrilled than to have pushed the cash cattle market like they did this week, and to be sitting in such a good position with regained leverage and prices not seen in over four years in the cash market.
Both the cattle market and lean hog complex have reasons to be thankful heading into the Thanksgiving holiday, but what took the cake in Wednesday’s trade was undoubtedly the cash cattle market where live cattle traded $5.00 to $6.00 higher than a week ago and dressed cattle demanded $9.00 to $10.00 over last week’s weighted average.
Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.11 with a weighted average of $55.66 on 11,694 head.
December corn is down 3/4 cent per bushel and January soybean meal is down $5.20. The Dow Jones Industrial Average is down 9.42 points and NASDAQ is up 70.08 points.