DTN Closing Livestock Comment 06/17 16:13
Livestock Contracts Pressured by Technical Woes
The livestock contracts were pressured into trading lower, but thankfully
the feeder cattle contracts still saw the corn market's limit lower close as an
opportunity to ignite the market's fire throughout the countryside.
DTN Livestock Analyst
A technical sell-out throughout the futures market may have pushed most of
the livestock contracts lower, but the market wasn't able to hinder the rally
on feeder cattle prices -- thankfully! Hog prices closed sharply lower on the
National Direct Afternoon Hog Report, down $6.17 with a weighted average of
$122.28 on 9,296 head. July corn is down 40 cents per bushel and July soybean
meal is down $17.70. The Dow Jones Industrial Average is down 210.22 points and
NASDAQ is up 121.68 points.