DTN Closing Livestock Comment 06/23 16:11
A Slow and Quiet Wednesday for the Livestock Complex
Wednesday's trade wasn't nearly as exciting nor invigorating as Tuesday's
market, but seeing that there's only been a light test of cash cattle thus far
in the week, there should be more business done Thursday.
DTN Livestock Analyst
Wednesday's trade can be summarized as a pullback day for traders. After
pushing the contracts higher Tuesday, traders panicked come Wednesday and
looked to the market's fundamentals for direction. Hog prices closed lower on
the National Direct Afternoon Hog Report, down $5.26 with a weighted average of
$122.78 on 5,520 head. July corn is up 4 1/2 cents per bushel and July soybean
meal is down $9.10. The Dow Jones Industrial Average is down 71.34 points and
NASDAQ is up 18.46 points.