DTN Closing Livestock Comment 06/07 15:23
Northern Feedlots Secure Higher Cash Prices While Futures Choke
The livestock contracts closed lower as traders weren't able to collectively
focus on the market's fundamentals to offset the technical pressure.
DTN Livestock Analyst
It was a bewildering day for the livestock complex as the market continues
to see ample fundamental support, but the outside pressure weighing against the
markets simply was too much to bear Wednesday for the futures complex. Even so,
feedlots didn't care what the futures complex did as they remained committed to
marketing their cattle to the best of their ability and prices ranged anywhere
from $3.00 to $10.00 higher in the North. Hog prices closed higher on the Daily
Direct Morning Hog Report, up $0.98 with a weighted average price of $93.11 on
13,115 head. July corn is down 3 3/4 cents per bushel and July soybean meal is
up $8.50. The Dow Jones Industrial Average is up 91.08 points.
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