DTN Closing Livestock Comment 01/24 15:48
24 Jan 2023
DTN Closing Livestock Comment 01/24 15:48 Despite Higher Corn Prices, Live Cattle Find Support by Tuesday's End Early on it seemed as though the livestock complex was going to close lower as the market was disgruntled with the momenum in the corn complex, but by Tuesday's end, the live cattle contracts closed higher. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS Before the noon hour Tuesday, it looked as though all the livestock markets were going to close lower as the contracts couldn't seem to gain any support and as the corn complex was weighing heavily on all the markets. However, as the day traded into Tuesday's afternoon, the live cattle market grew stronger and was able to close fully higher despite the corn market's surge. The lean hog and feeder cattle markets both closed mostly lower. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.55 with a weighted average of $71.17 on 9,253 head. The Dow Jones Industrial Average is up 95.00 points.