DTN Closing Livestock Comment 08/11 16:15
Cattle Contracts Came to Do Business, Lean Hog Rally Fell Lower
The cattle contracts took Tuesday and rallied throughout the day, but
unfortunately, as the cattle contracts grew in strength, the interest in the
lean hog market dwindled.
DTN Livestock Analyst
Cattle contracts weren't in a lackadaisical mindset heading into Tuesday's
trade as both live cattle and feeder cattle contracts made significant
progress. The feeder cattle contracts will be pressured Wednesday as the market
bounces around a resistance level, not seeming to have a good feel for what
direction trade should be heading in. Hog prices closed lower on the National
Direct Afternoon hog report, down $1.01 with a weighted average of $37.42 on
12,390 head. December corn is up 1/2 cent per bushel and December soybean meal
is down $0.10. The Dow Jones Industrial Average is down 104.53 points and
NASDAQ is down 185.54 points.
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