DTN Closing Livestock Comment 11/06 15:37
6 Nov 2023
DTN Closing Livestock Comment 11/06 15:37 Cattle Futures Stumble in Early Week Trade Active pressure developed in all cattle contracts with many contracts falling $3 per cwt or greater as traders returned to the complex. Uncertainty heading into the rest of the week is keeping traders relatively cautious. Hog markets posted moderate gains on fundamental support. Rick Kment DTN Analyst GENERAL COMMENTS: All eyes were on the cattle complex Monday with traders quickly setting the tone of lower moving markets as triple-digit losses flooded into live cattle trade. At this point, feeder cattle futures just tried to follow along, not wanting to be hung out to dry if further longer-term market shifts are seen. The CFTC report last Friday posted active long liquidation by noncommercial traders. It is important to remember that these reports are a week delayed, so this fund adjustment is not totally up to date with market prices and movements. However, this shift did create additional softness in the market with buyers unwilling to become active Monday.