DTN Closing Livestock Comment 01/02 15:53
2 Jan 2024
DTN Closing Livestock Comment 01/02 15:53 Active Market Shifts Develop Tuesday The first trading day did not disappoint when it comes to renewed market activity and trade volume. Sharp triple-digit moves in livestock trade created additional volatility, leading 2024 to a wild start. Rick Kment DTN Analyst GENERAL COMMENTS: Livestock futures started the New Year off with a bang, as cattle futures surged higher with aggressive triple-digit buyer support, and active triple-digit losses flooded into lean hog trade. The overall lack of trade volume and lackluster market activity discussed much of last week came to an end with traders resumed normal duties as they put holiday schedules in the rearview mirror and focused on moving price levels and supply expectations forward for the new year. Nearby live cattle and feeder cattle futures ended the day with a $3 per cwt rally, while $2 per cwt losses quickly developed and held in nearby lean hog trade.