It has been a crazy week in the Livestock and Grain markets, its only Wednesday, and there is a WASDE report tomorrow. December’23 Live Cattle was all over the place today. December’23 Live Cattle gained 0.625 today and settled at 179.400. Since 11/1 December’23 Live Cattle is down 4.425 or almost 2.5%. The low today was 176.625, and that is the monthly low as well. Today’s low was just above the 50% retracement (176.538) from the 52-week high, and still above the 52-week low of 161.025. January’24 Feeder Cattle also had big swings today. January’24 Feeder Cattle ended up 1.950 today and settled at 232.775. Since 11/1 Jan’24 Feeders are down 5.400 or about 2 ¼%. Today’s low in January’24 Feeders is also the monthly low. December’23 Lean Hogs traded lower today and settled at 71.500, down 1.400. Since 11/1 December’23 Lean Hogs are up 1.450 or over 2%. Today’s high of 72.850 was just below yesterday’s close at 72.900. The 1-month and 52-week low is 65.400. I have been bearish Cattle for a while, and still think there could be more downside, however I have started looking at option trades on the upside. Tomorrow is the WASDE Report at 11:00am central time, and that should help pick a direction from here.
Bill Allen
Senior Account Executive
Direct: 1 312 957 8079
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