DTN Closing Livestock Comment 07/02 16:21
Is That a Rally in the Making or Just the Fourth of July Spirit?
The patriotic spirit overtook the marketplace and all three livestock
contracts closed higher for the week.
DTN Livestock Analyst
Cattle contracts really tested the market Friday afternoon and flirted with
nearby resistance. It seems odd that, with the backlog of cattle, prices would
rally, but nevertheless, they did. Hog prices closed lower on the National
Direct Afternoon Hog Report, down $0.07 with a weighted average of $28.61 on
5,558 head. September corn is down 7 cents per bushel and December soybean meal
is down $0.40. The Dow Jones Industrial Average is up 92.39 points and NASDAQ
is up 53.00 points.
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