DTN Closing Livestock Comment 07/01 16:20
1 Jul 2020
DTN Closing Livestock Comment 07/01 16:20 Cattle Bat Higher Prices Through Closing The complex jumped around Wednesday but ultimately left cattle contracts trending higher while lean hog contracts closed lower. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Holidays come as bitter-sweet days for market participants as the shortened weeks throw off normal trade. Wednesday's trade was mostly uneventful other than the baffling bullishness that the cattle contracts are pushing. As a "Designated-Bear" (proudly coined by John Harrington), I'd love to believe that these higher prices aren't dangerously volatile, but knowing the raw facts of the industry's current make-up makes it hard to believe that this green close isn't far-fetched when fundamentally the math just doesn't add up. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.20 with a weighted average of $28.66 on 7,670 head. September corn is up 9 cents per bushel and December soybean meal is up $8.70. The Dow Jones Industrial Average is down 77.91 points and NASDAQ is up 95.86 points.