AgHost Livestock Close

Cattle futures quickly reversed early week momentum Thursday as active trade pressure developed in all live cattle and feeder cattle trade. The announcement that JBS’s Greeley Plant had voted to strike was the initial spark that hinted at market pressure. But the aggressive and uniform pressure seen in all cattle trade indicates that this news was only the tip of the iceberg, and early week support was unable to hold the weight of the initial market shift lower. Outside markets also played a significant role in underlying cattle market support, given the active financial losses, which are creating additional economic concerns. Hog prices closed lower on the Daily Direct Afternoon hog report, down $0.24 with a weighted average of $86.58 on 2,279 hogs. March corn closed up 5 1/2 at $4.35 and March soybean meal closed up $7.00 at $303.20. The Dow Jones Industrial Average is down 592.58 at 48,908.72.