Tuesday’s market chatter was engulfed with the corn market’s rally as feeder cattle buyers are wanting to get their orders filled but must be conscious of breakevens.
It was a hectic Tuesday for the cattle contracts as the markets tried to understand just how long lasting the corn market’s surge to $6.00 a bushel in the nearby contracts was going to be. The feeder cattle contracts took the brunt of the corn market’s blow, but the live cattle contracts suffered as well.
Hog prices closed higher on the National Direct Afternoon Hog Report, up $1.37 with a weighted average of $63.09 on 5,813 head.
March corn is up 20 1/4 cents per bushel and March soybean meal is up $3.40. The Dow Jones Industrial Average is up 214.59 points and NASDAQ is down 210.08 points.