DTN Closing Livestock Comment 11/13 16:11
13 Nov 2023
DTN Closing Livestock Comment 11/13 16:11 Firm Livestock Gains Create Hope for Additional Gains Trade on Monday focused on buyer support in not only livestock trade, but most markets posted upward momentum as traders returned from the weekend and Veterans Day holiday. Cattle futures posted strong positive gains, but close below session highs, creating uncertainty about direction later in the week. Rick Kment DTN Analyst GENERAL COMMENTS: Following last week's bearish turn in cattle markets, the ability to push prices higher in all contracts was seen as a significant victory. It was not hard to find underlying support in commodity markets Monday with most markets moving higher during the initial trading day. This created follow-through buyer support in cattle and hog futures. With live cattle and feeder cattle futures closing moderately higher, prices did pull back from earlier gains, creating some uncertainty about follow-through buyer support Tuesday morning.