DTN Closing Livestock Comment 01/04 16:14
4 Jan 2021
DTN Closing Livestock Comment 01/04 16:14 Uncertainty and High Corn Prices Weaken Cattle Contracts Monday's trade wasn't easy on the cattle contracts, but the lean hog market still closed higher. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: It was a brutal day to watch the cattle contracts trade lower, but with the onset of a new year comes some kinks to work out. With corn prices at levels not seen in the last six years and uncertainty amongst traders, the contracts were left unsupported and unable to do anything but scale lower. Meanwhile, the lean hog contracts soaked up all that the market had to offer and closed fully higher. Hog prices averaged $55.10 on the National Direct Afternoon Hog Report, on 5,550 head and a five-day rolling average of $50.60. March corn is down 1/4 cent per bushel and March soybean meal is down $5.70. The Dow Jones Industrial Average is down 382.59 points and NASDAQ is down 189.83 points.