DTN Closing Livestock Comment 02/06 15:43
Cattle Charge Higher Through Monday's Market
Heading into Tuesday's market, the lean hog complex is hoping to find some
support, and the cattle complex hopes to keep with its upward trend.
DTN Livestock Analyst
Both the live cattle and feeder cattle markets flourished throughout
Monday's complex as the belief that 2023's cattle market is going to be
incredibly strong has taken off after last week's bullish Cattle Inventory
report. It will be especially interesting to see what the week's cash cattle
market does as packers are short bought and feedlots are determined to move the
market higher. Hog prices closed lower on the Daily Direct Afternoon Hog
Report, down $0.31 with a weighted average of $72.34 on 4,585 head. March corn
is up 1 1/2 cents per bushel and March soybean meal is down $7.50. The Dow
Jones Industrial Average is down 40.14 points.
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