DTN Closing Livestock Comment 10/17 16:04
Did the Livestock Complex Have a Thursday Correction?
All livestock contracts closed lower on Thursday.
By ShayLe Stewart
DTN Livestock Analyst
Thursday's market acted like a crazy old uncle does sometimes. The uncle has
been pulling his weight lately and making the grand scheme of life seem a
little brighter. But, low and behold we knew that he would go off on a drunk
bender simply because the man can't function when things go well. Never the
less, prices have been relatively good in the livestock complex and a
correction was bound to happen. Regardless of if we wanted to admit that we
knew the correction was coming or not, lower prices sting regardless if they
come in the middle of the night or with a clear explanation. Hog prices are
lower on the National Direct Afternoon Hog Report Thursday, down $0.81 with a
weighted average of $57.87. December corn is up 3 cents per bushel and December
soybean meal is up $2.00. The Dow Jones Industrial Average is up 23.90 points
and NASDAQ is up 32.67 points.
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