DTN Closing Livestock Comment 06/15 16:07
15 Jun 2022
DTN Closing Livestock Comment 06/15 16:07 Feds Hike Interest Rates and Cattle Close Higher The cattle complex took Wednesday for all that it was worth and pushed its contracts and cash prices higher. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: As if the markets weren't busy enough with a rally pushing cattle contracts higher and cash cattle prices anywhere from $2.00 to $4.00 higher, the highly anticipated interest rate jump came Wednesday afternoon as Feds hiked the benchmark rate up by 0.75 percent -- the biggest increase since 1994. While this might seem like bearish news, the market's seemed to have reacted to Fed Chairman Jerome Powell's statement of, "Clearly today's 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common," as a reassuring promise. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.61 with a weighted average of $119.86 on 15,571 head. July corn is up 5 3/4 cents per bushel and July soybean meal is up $6.50. The Dow Jones Industrial Average is up 303.70 points.