DTN Closing Livestock Comment 04/03 15:28
Market Freefall Continues Friday
Despite cattle futures showing promising life early Friday morning, sharp
losses flooded nearby contracts, leaving large follow-through losses in all
livestock markets. The inability to bring price stability is causing additional
concerns for price support early next week.
By Rick Kment
Another volatile day of trade in livestock markets Friday with early buyer
support quickly evaporating as underlying bearish factors took hold and pulled
prices lower. Cash cattle trade remained undeveloped, leaving overall trade
volumes limited for the week and creating questions of packers' intentions
early next week. Hog prices are $1.70 per cwt lower at $42.88 per cwt on the
National Direct Afternoon Hog Report. May corn is down 2 3/4 cents per bushel
and May soybean meal is down $5.90. The Dow Jones Industrial Average is down
413.56 points and NASDAQ is down 158.25 points.
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