DTN Closing Livestock Comment 03/22 15:45
Cash Cattle $1.00 Lower in the South, Steady to Higher in the North
It was a mixed day for the livestock complex as traders were leery of
supporting the contracts ahead of the Fed's interest rate announcement.
DTN Livestock Analyst
It was a doggish day leading up to the Fed's interest rate announcement as
traders were cautious ahead of the report's unveiling. Wednesday's interest
rate hike is the Fed's ninth consecutive rate increase and with the
federal-funds rate to range between 4.75% and 5%, which is the highest level
since September 2007. Hog prices closed lower on the Daily Direct Afternoon hog
report, down $0.38 with a weighted average of $77.63 on 8,548 hogs. May corn
closed up 3 1/2 at $6.335 and May soybean meal closed down $9.00 at $451.6.
The Dow Jones Industrial Average is down 530.49 at 32,030.11.
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