CattleLink Market View 5/7/2021 | 3:30 PM CDT Live Cattle: The live cattle contracts felt pressured to trade lower throughout the early part of the week as the cash cattle market only saw steady prices in the North, and steady to $1 higher in the South this past week. Feeder Cattle: The feeder cattle contracts lost the battle against rallying corn prices this past week as feeder cattle buyers must continue to manage high input costs and sorry fat cattle prices. Lean Hogs: The lean hog contracts soared past the preexisting resistance levels at $110 and drove prices higher throughout the week as market-ready hog supplies continue to be scarcely limited and consumer demand exceptional. Soybean Meal: July soybean meal finished up $15.70 per ton this week, helped by surging veg oil markets and sharply higher soybean futures closes. Corn: July corn futures rose sharply to a 59-cent gain for the week and the sixth higher weekly close, on continued drought in Brazil and a large China purchase of U.S. corn. (c) Copyright 2021 DTN, LLC. All rights reserved. |
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