DTN Closing Livestock Comment 12/11 16:00
11 Dec 2023
DTN Closing Livestock Comment 12/11 16:00 Late-Day Gains Push Cattle Futures Higher Late-day buyer support replaced light to moderate early losses in feeder cattle futures and helped spark additional upward price shifts in all cattle markets. Lean hog futures continued to struggle to gain support as traders remain concerned about the ability to significantly improve domestic or export demand in the near future. Rick Kment DTN Analyst GENERAL COMMENTS: Triple-digit gains continued to develop in cattle futures despite the sluggish start Monday morning. Gains over $4 per cwt were seen in nearby live cattle and feeder cattle trade, helping to solidify the upward shift that started Friday. There seems to be much less bearish technical momentum early this week, but prices remain dangerously close to support levels that additional follow-through buyer support will be needed through the week in order to instill confidence across the entire complex.