DTN Closing Livestock Comment 09/21 16:50
21 Sep 2022
DTN Closing Livestock Comment 09/21 16:50 Interest Rate Hike Jolts Dollar; Livestock Prices Sink Some of the livestock contracts' heaviest trading volume Wednesday occurred in the last five minutes of the session, as widespread markets reacted to the Federal Reserve's new target fed funds rate of 3.0% to 3.25%, a 0.75-percentage-point rate hike. Elaine Kub DTN Livestock Analyst GENERAL COMMENTS: Some of the livestock contracts' heaviest trading volume Wednesday occurred in the last five minutes of the session, as widespread markets reacted to the Federal Reserve's new target fed funds rate of 3.0% to 3.25%, a 0.75-percentage-point rate hike. The stock market dropped and the U.S. Dollar Index was up over 1.25 points in response. Nearby lean hog futures led the losses in the livestock sector and the cattle markets were also lower at the close. Cash cattle have seen no trade so far this week, but asking prices are around $145 to $146 in the South. December corn ended down 6 1/2 cents at $6.85 1/2 on steady volume Wednesday,