Heading into Friday’s trade, the market is hoping to round out the week with a higher close, but more than anything wants an answer as to when processing speeds are going to come back full bore.
Both the cattle and hog markets are seeing their end-cut prices jump higher as retailers scrounge the market to get the product they need to restock after the holiday run. From a long-term standpoint, both the hog and cattle complexes need processing speeds to get back to full capacity as carcass weights are growing larger and supplies will soon begin to back up.
Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.26 with a weighted average of $66.33 on 9,052 head.
March corn is down 11 1/2 cents per bushel, and March soybean meal is down $7.30. The Dow Jones Industrial Average is down 176.70 points, and the NASDAQ is down 381.58 points.