DTN Closing Livestock Comment 11/14 15:50
14 Nov 2023
DTN Closing Livestock Comment 11/14 15:50 Cattle Futures Advance Tuesday Follow-through buyer support developed in cattle futures Tuesday with early gains posting aggressive triple-digit gains. The upward momentum in the complex slowed significantly in the last half of trade, cutting initial gains in half by closing bell. Hog futures eroded through the day Tuesday with traders focusing on the potential to push pork values higher heading into the Thanksgiving holiday season. Rick Kment DTN Analyst GENERAL COMMENTS: Moderate to strong gains developed in most live cattle and feeder futures early Tuesday morning. Active support focusing on the upward moves seen early in the week and underlying buy orders developing across the complex pushed prices $2 to $3 per cwt higher during the first couple hours of trade. At midday, a moderate to firm price correction developed following news coverage of analyst estimates for Friday's Cattle on Feed Report. This quickly cut early gains in half or more in most contracts, causing some concern that follow-through pressure may develop even before the report is released Friday.