DTN Closing Livestock Comment 06/15 16:17
Boxed Beef Prices Lower While Cash Cattle Find Support
The live cattle and feeder cattle contracts had plenty of support to rally
the contracts higher again Tuesday.
DTN Livestock Analyst
It was a peculiar day for cattle market, and even though the boxed beef
market is now trending lower, they pushed the cash cattle market to
advancements of $2.00 to $4.00 higher. The lean hog market continues to trade
in an uneased position as the market is summoning higher or even steady pork
cutout prices and traders aren't willing to move their positions any higher.
Hog prices closed higher on the National Direct Afternoon Hog Report, up $5.83
with a weighted average of $122.72 on 7,238 head. July corn is up 8 1/4 cents
per bushel and July soybean meal is down $1.50. The Dow Jones Industrial
Average is down 94.42 points and NASDAQ is down 101.28 points.
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