DTN Closing Livestock Comment 06/03 16:05
Lean Hog Contracts Fight Nearby Pressure
Cattle contracts rallied modestly through closing Wednesday, with lean hog
contracts struggling to rally nearby contracts.
DTN Livestock Analyst
As the week looks to round the midway point and head towards the later part
of the week, contracts have traded mostly lower thus far, although cattle
contracts were able to close higher Wednesday afternoon. With boxed beef prices
continuing to weaken at an exponential rate, weakness may be how the week ends
too. Hog prices closed lower on the National Direct Afternoon Hog Report, down
$0.77 with a weighted average of $33.96 on $7,827 head. July corn is down 1/4
cent per bushel and July soybean meal is up $2.60. The Dow Jones Industrial
Average is up 527.24 points and NASDAQ is up 74.53 points.
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