11/6/23
The Cattle markets continued to trade lower today. December’23 Live Cattle fell 2.550 today, and settled at 181.325, just off the session lows. Over the last month (since 10/6/23) December’23 Live Cattle is down 5.275 or almost 3%. January’24 Feeders broke 3.325 today and settled at 236.425, just off the lows in today’s trading range. Over the same 1-month time frame (since 10/6/23) January’24 Feeders have dropped 17.300 or almost 7%. December’23 Lean Hogs closed higher today and were up 0.650, to settle at 72.400. December’23 Lean Hogs were also down for the same 1-month period (since 10/6/23), down 1.175 or just over 1 ½%. I still feel there is more downside in the Cattle markets. It’s my opinion that the December’23 Live Cattle could head to the 175.000 level, and the January’24 Feeders to the 230.000 level. There is a Livestock Report this Wednesday, on 11/8/23.