DTN Closing Livestock Comment 11/09 15:45

DTN Closing Livestock Comment 11/09 15:45 Bearish Week Continues for Cattle Futures Aggressive losses in cattle futures created significant market weakness across the entire complex. This led to further widespread liquidation through the entire trading session. Spot-month cattle futures are trading at the lowest levels since May, with concern that underlying technical support remains weak after Thursday's market losses. Rick Kment DTN Analyst GENERAL COMMENTS: Thursday turned into a dismal day across the cattle complex with aggressive triple-digit losses flooding back into live cattle and feeder cattle contracts with no sense of market stability in sight. Feeder cattle contracts led the plunge lower, falling nearly $8 per cwt in nearby contracts, as technical market weakness is the main driving point to the most recent move lower. Live cattle futures mirrored the market negativity with $5-per-cwt losses by the time markets closed Thursday afternoon. Even though hog markets were much more optimistic, early gains were quickly eroded, as futures closed mixed but within a very narrow trading range. In the latest WASDE report released Thursday morning, beef production forecasts were increased, focusing on larger cattle placements in the last half of 2023. This did moderately decrease projected beef production through the end of 2023 but significantly increased expected beef production in 2024. These higher production estimates added insult to injury in cattle futures through the end of the day. Hog prices closed lower on the Daily Direct Afternoon hog report, down $1.26 with a weighted average of $67.01 on 2,388 hogs. December corn closed down 8 at $4.68 and December soybean meal closed up $0.10 at $449.9. The Dow Jones Industrial Average is down 220.33 at 33,891.94.