Monday’s market will be one that needs close monitoring as the live cattle contracts will have to decide if their market is going to take on current resistance or dwindle lower again.
Heading into Monday’s trade, the live cattle market will be tested to see if its rally this past week was all fluff or if traders are truly willing to rebuild the market’s charts.
Hog prices closed lower on the Daily Direct Hog Report, down $3.12 with a weighted average of $103.70 on 4,024 head.
May corn is down 12 3/4 cents per bushel and May soybean meal is up $2.90. The Dow Jones Industrial Average is up 274.17 points and NASDAQ is up 279.06 points.