11/22/23
The Cattle and Soybean markets feel heavy… February’24 Live Cattle closed lower again today, down 0.800 and settled at 175.275, just above today’s low of 175.200. January’24 Feeder Cattle were 1.200 lower today and settled at 227.125, not far from the day’s low of 226.650. Hogs were also lower today. February’24 Lean Hogs closed 0.500 lower today and settled at 71.825, also just above today’s low trade of 71.575. I believe the Cattle markets will continue to grind lower from here and would sell into any rallies. The Soybeans broke again today, and in my opinion, they will continue to break. January’24 Soybeans dropped another 20 ¾ cents today and settled at 1356 ½, not far from today’s low of 1354 ¼. I still feel the Soybeans will head to the $13.00 level. March’24 Corn was 1 ¼ cents lower today and settled at 487 ¾, just above today’s low of 487. The Wheat market was the only thing positive today. March’24 Wheat was slightly higher, up 1 ¾ today and settled at 584 ½, but still near today’s low of 583. Wheat is the only market I am Bullish on. I expect a light trade on Friday, but that can cause the market to get pushed in one direction or the other. Have a great Thanksgiving.
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Bill Allen
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