DTN Closing Livestock Comment 07/21 15:26
21 Jul 2023
DTN Closing Livestock Comment 07/21 15:26 Live Cattle Pull Back as Traders Braced for USDA Cattle Reports The livestock complex closed mixed with only the feeder cattle complex able to keep its higher position through Friday's end. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Both the live cattle and lean hog contracts closed lower Friday afternoon while the feeder cattle complex charged onward, seeming to celebrate the tremendous demand that's currently being seen in the countryside and because of the lower corn prices. Come Monday, both the live cattle and feeder cattle contracts could be pressured as Friday afternoon's Cattle on Feed report showed greater-than-expected placements, which never bodes well for the market regardless of how strong fundamentals are. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.26 with a weighted average price of $106.25 on 3,076 head. December corn is down 10 cents per bushel and December soybean meal is down $2.10. The Dow Jones Industrial Average is up 3.30 points.