DTN Closing Livestock Comment 11/14 16:20
Cattle Contracts Dissipate Wednesday
Cattle contracts dissipate while the lean hog market closed mixed Wednesday.
By ShayLe Stewart
DTN Livestock Analyst
There's more than one way to tango and it seems as if the market is just
finding the right beat to follow before it picks its year-end rhythm.
Wednesday's melody was proudly touted by the bearish base-drum players who kept
their rhythm until enough traders believed that the days of stronger markets
were over for 2019. But then Thursday came, and the bulls lifted their trumpets
and played their fiddles too. Being able to rally nearly half of Wednesday's
loss back in the feeder cattle markets and more than half in the live cattle
contracts, the bulls gave it all they had until the closing bell. Hog prices
are lower on the National Direct Afternoon Hog Report, down $0.04 with a
weighted average of $42.20. December corn is up 1/2 cent per bushel and
December soybean meal is down $1.00. The Dow Jones Industrial Average is down
1.63 points and NASDAQ is down 3.08 points.
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