Heading into Wednesday, it’s likely lean hog futures will continue to see robust support amid the halt on Prop12.
It was a split day for the marketplace as cattle futures closed mostly lower, but the lean hog market continued to demand support and kept trading higher. A California judge ruled that Prop 12 enforcement should be halted on sales of pork, which helped boost the lean hog market’s spirits and aided in the higher close.
Hog prices closed higher on the National Direct Afternoon Hog Report, up $6.44 with a weighted average of $72.13 on 9,755 head.
March corn is down 1 cent per bushel and March soybean meal is down $1.90. The Dow Jones Industrial Average is down 66.77 points and NASDAQ is down 315.83 points.