DTN Closing Livestock Comment 06/22 16:09
Livestock Contracts Head Higher Tuesday
The livestock contracts closed higher Tuesday and hope to keep the momentum
rolling through Wednesday.
DTN Livestock Analyst
The technical support that the livestock market saw throughout Tuesday's
trade came as a pleasant surprise. Heading into Wednesday, feeders hope that
the corn market holds steady, and feedlots pray that packers remain aggressive.
Meanwhile, the lean hog market hopes to keep the bottom of the pork cutout
values from deteriorating even more. Hog prices closed higher on the National
Direct Afternoon Hog Report, up $4.47 with a weighted average of $128.04 on
9,880 head. Total red meat supplies in freezers were down 4% from the previous
month and down 3% from last year. July corn is up 1/2 cent per bushel and July
soybean meal is down $9.80. The Dow Jones Industrial Average is up 68.61 points
and NASDAQ is up 111.79 points.
Get your local Cash Bids emailed to you each morning from DTN – click here
to sign up for DTN Snapshot.