DTN Closing Livestock Comment 05/03 16:26
3 May 2022
DTN Closing Livestock Comment 05/03 16:26 Cattle Rally as Corn Keeps Its Lower Trend Heading into Wednesday's market, the cattle complex is anxious to see if feedlots can walk away with higher prices again this week. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: It was another rallying day for both the live cattle and feeder cattle contracts as the corn market traipsed lower. Heading into Wednesday's trade, the market will feel more pressure as cash cattle trade is expected to begin. If the board is supportive, it's not out of the question for feedlots to get $1.00 or so higher. Meanwhile, the lean hog complex trended lower throughout Tuesday's market and with pork cutout values closing lower again, Wednesday isn't expected to be much better. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.57 with a weighted average of $100.13 on 5,816 head. July corn is down 10 1/2 cents per bushel and July soybean meal is down $7.00. The Dow Jones Industrial Average is up 67.29 points.