DTN Closing Livestock Comment 01/03 15:51
3 Jan 2024
DTN Closing Livestock Comment 01/03 15:51 Livestock Markets Stabilize in Late-Day Trade Cattle and hog futures closed mixed Wednesday in a late day rally, which pulled cattle futures from strong early day losses. The ability to regain steady but sustainable buyer support during early January is expected to help add support to the market. Rick Kment DTN Analyst GENERAL COMMENTS: Livestock futures traded mostly lower through most of the midweek session with cattle markets leading the price losses most of the morning. Late-day buying developed in cattle and hog futures in the last hour of trade, allowing for mixed price levels at the closing bell. The bounce higher in cattle trade seemed to rekindle the early week support seen in the market and identified the Wednesday morning losses as generally short covering due to market volatility. The ability to bring buyers back to the complex Thursday morning will go a long way in helping to support price levels during early January with the focus returning to technical and fundamental market factors.