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DTN Closing Livestock Comment 05/13 16:11

05/13/2021


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.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

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.

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