DTN Closing Livestock Comment 03/16 15:24
16 Mar 2021
DTN Closing Livestock Comment 03/16 15:24 June Hogs Break $100 Big gains in the lean hog market, up to $2.575 at one point in the nearby contract, established fresh contract highs amid ongoing pork bullishness. Live cattle and feeder cattle ignored that influence and ended the day mixed. Elaine Kub Contributing Analyst GENERAL COMMENTS: The almost straight upward path of lean hog prices since December got another big boost Tuesday, with the nearby contracts gaining more than $2 per cwt, and the June and July contracts breaking above $1 per pound. Despite day-to-day wobbles, strong pork prices and hog prices continue to support the bullishness in lean hog futures. Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.98 with a weighted average of $86.42 on 5,264 head. Cattle trade stayed quiet, with asking prices around $116 to $117 in the South and business waiting until later in the week. May corn closed up 4 3/4 cents per bushel at $5.54 1/4 and May soybean meal closed down $1.30 per ton at $406.10. The Dow Jones Industrial Average is down 127.51 points and NASDAQ is up 69.74 points.