It was a gloomy and lethargic day for the livestock complex as the markets closed lower and the cash market didn’t see much interest.
It was a gloomy day throughout the livestock complex as the futures market had a cold demeanor about it and the livestock contracts couldn’t help but trade lower. The biggest fundamental hindrance for both the cattle and hog markets is the slow chain speeds in which packing plants are running, because of the spike in COVID-19 cases.
Hog prices closed lower on the National Direct Afternoon Hog Report, down $1.06 with a weighted average of $65.89 on 4,295 head.
March corn is down 7 cents per bushel and March soybean meal is down $8.70. The Dow Jones Industrial Average is down 162.79 points and NASDAQ is up 6.93 points.