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Market Commentary from the Northern Ag Network:
11/21/2017 3:00 PM
Triple-digit support has moved back into the market late Tuesday morning with the focus on aggressive buyer support in feeder cattle futures as well as higher beef values and the development of cash trade Tuesday morning. Gains are tightly grouped even though volume remains lackluster in most areas with prices $1.10 to $1.50 per cwt higher in most regions. There continues to be increased buyer support which is likely to continue through the end of the session. These moves are not expected to gain long term support as the upward shifts are generally replacing losses seen Monday.
TUESDAY'S CASH CATTLE CALL:
Cash cattle trade has started to develop with sales through the South seen at $118 per cwt. These prices are generally $1 per cwt lower than last week. At this level, it is expected that most if not all of the trade in the South is likely to be wrapped up before the end of the day. Bids are seen across the North at $117 to $118 live and $186 per cwt dressed. It is uncertain if trade will be seen before the day is over, or if feeders will hold out until Wednesday before pulling the trigger.
Buyer support has quickly stepped back into the complex midday following lackluster market activity through much of the morning. Prices have rallied as much as $2.12 per cwt higher while setting session highs due to additional support focused on the development of cash market activity Tuesday. Prices could move even higher through the end of the session as very little market resistance is expected to develop through most of the session.
Settlements on all Ag Futures and Options
Futures Quotes – Montana Market Manager – (AgriCharts)
Ag Center – Cattle Report
Livestock Marketing Information Center
Kansas State – AgManager.info
North Dakota State – Livestock Economics
University of Missouri – Farm Marketing