DTN Closing Livestock Comment 12/05 16:07
5 Dec 2023
DTN Closing Livestock Comment 12/05 16:07 Cattle Futures Shift Higher Tuesday Early buyer support in all cattle futures gained momentum as the day continued. Although live cattle gains were unable to keep pace with feeder cattle gains, the upward moves Tuesday are helping create a little more stability following recent aggressive selling. Rick Kment DTN Analyst GENERAL COMMENTS: After live cattle futures fell $3 per cwt over the last three trading sessions, and feeder cattle tumbled $9 per cwt in the same period, buyer support redeveloped Tuesday. For the second week in a row, Tuesday has been the turnaround day in cattle futures. This is creating hope that additional price gains may develop as the week continues, and potentially break out of the weaker market cycle. It is going to take several days of consistent upward support in order for traders to regain confidence that price support has been established.