DTN Closing Livestock Comment 06/30 16:05
Feeder Cattle Market Shoots Higher on Cheaper Corn and Strong Sales
It was a charging day for the feeder cattle market as technical support
developed thanks to the corn market's regression and fundamental support
complemented the day's move, as buyers have been extremely aggressive in sale
barns this past week.
DTN Livestock Analyst
Thursday ended up being a mixed day for the livestock complex as the feeder
cattle market charged higher and helped aid on higher trade throughout the live
cattle contracts, but the lean hog market couldn't shake the fact that
processing speeds have been lagging and demand hit and miss from consumers. Hog
prices closed $2.27 lower on the Daily Direct Afternoon Hog Report, equating to
a weighted average of $118.91 on 6,604 head. December corn is down 34 cents per
bushel and December soybean meal is down $0.30. The Dow Jones Industrial
Average is down 253.88 points.
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