DTN Closing Livestock Comment 05/10 16:08
Break in Corn Prices Allows for Cattle to Close Higher
The cattle contracts enjoyed the day and closed fully higher as a break in
the corn market's rally took the pressure of higher input costs off the cattle
DTN Livestock Analyst
It was a great day for the cattle contracts as a surprising break in the
corn market's rally allowed for the cattle contracts to close higher.
Meanwhile, the lean hog contracts neglected to attract traders and closed the
day mixed, but with slaughter speeds continuing to run at respectable levels,
traders most likely were quiet through Monday's trade to see if the market's
fundamentals were going to shine through before they support the market any
further. Hog prices closed lower on the National Direct Afternoon Hog Report,
down $1.48 with a weighted average of $112.22 on 4,695 head. July corn is down
20 1/2 cents per bushel and July soybean meal is up $0.50. The Dow Jones
Industrial Average is down 34.94 points and NASDAQ is down 350.38 points.
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