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DTN Closing Livestock Comment 03/22 15:45

22 Mar 2023
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. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS 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.