DTN Closing Livestock Comment 02/27 15:28
27 Feb 2023
DTN Closing Livestock Comment 02/27 15:28 Feeders Rally Through Monday's End Thanks to Cheaper Corn Prices With the nearby corn contracts closing $0.05 to $0.07 lower, the feeder cattle contracts rallied through Monday's close with confidence. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS The feeder cattle complex is the only livestock market that clung to its support through closing as the live cattle contracts grew weary and the lean hog complex couldn't muster up any support Monday. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.34 with a weighted average of $78.02 on 7,443 head. So long as corn prices continue to venture lower, the feeder cattle complex sits in a strong position to continue to trade higher. May corn is down 5 3/4 cents per bushel and May soybean meal is up $1.80. The Dow Jones Industrial Average is up 43.48 points.