DTN Closing Livestock Comment 11/07 15:52
7 Nov 2023
DTN Closing Livestock Comment 11/07 15:52 Bearish Tone Continues in Cattle Futures Active triple-digit losses in all cattle futures developed Tuesday afternoon following the inability to sustain recent support levels. This led to active trader liquidation Tuesday afternoon. Rick Kment DTN Analyst GENERAL COMMENTS: Aggressive losses developed in live cattle and feeder cattle trade Tuesday afternoon following nearby live cattle futures breaking through price support established on Oct. 26. The recent buyer support over the last couple of weeks has quickly eroded in both live cattle and feeder cattle trade with traders once again focusing on technical market pressure developing in early November. Even though live cattle futures sparked the shift move lower over the last two days, feeder cattle have posted the most aggressive losses, falling over $10 per cwt in spot November contracts.