DTN Closing Livestock Comment 12/07 15:16
Hog Futures Experience Heavy Selloff
Outside markets were enthusiastic about exports and economic recovery
Tuesday, but the livestock markets focused more on disappointment.
Feeder cattle were the only livestock market tempted to test higher prices
off and on through Tuesday, but a higher close in corn ultimately took away
that temptation. The bulk of the bearishness focused on lean hogs, with clearly
lower momentum on the chart attracting a high volume of trend-following
traders. Afternoon hog prices were unavailable due to packer submission issues.
March corn is up 2 1/2 cents per bushel and January soybean meal is down $2.90
per ton. The Dow Jones Industrial Average is up 492.4 points and NASDAQ is up
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