DTN Closing Livestock Comment 05/13 16:11
Rumors of Dark Saturdays in Beef Plants Send Cattle Tumbling Lower
Even though the corn market drew back by $0.38 to $0.40 in the nearby
contracts, the whispers of a dark Saturday in a major beef plant stole the
cattle market's attention.
DTN Livestock Analyst
As if the cattle market needed any more heartache, Thursday's trade feels
like an utter robbery. With the corn market plummeting lower, the cattle
contracts were sitting prime to have a strong rally until rumors broke out that
a major beef plant isn't planning on processing cattle this Saturday. Hog
prices closed lower on the National Direct Afternoon Hog Report, down $2.28
with a weighted average of $113.45 on 3,709 head. July corn is down 40 cents
per bushel and July soybean meal is down $27.40. The Dow Jones Industrial
Average is up 433.79 points and NASDAQ is up 93.31 points.