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DTN Closing Livestock Comment 05/16 15:32

16 May 2023
DTN Closing Livestock Comment 05/16 15:32 Weaker Corn Prices Helps Encourage Feeders and Hogs Cheaper corn prices helped propel both the lean hog and feeder cattle contracts higher throughout Tuesday's market. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The live cattle complex was the sore loser throughout Tuesday's market as mostly the feeder cattle and lean hog contracts rallied throughout the day. No cash cattle trade was reported and it's likely that trade waits until later on Wednesday, or potentially Thursday, to develop as feedlots want at least steady prices this week. On the Daily Direct Afternoon Hog Report hog prices averaged $82.79 on 18,285 head. July corn is down 11 1/4 cents per bushel and July soybean meal is down $4.00. The Dow Jones Industrial Average is down 336.46 points.