Morning Ag Markets – Pete Loewen – 11/15/18
Meat complex trade finished mixed in hogs with the 2nd and 3rd contracts out higher and the rest lower. Live and feeder cattle trade was quietly lower which was a big change from some wide swings we’ve seen recently. Chart technicals in the cattle complex look terrible right now. The near term fundamentals looked pretty good going into last week, but when futures puked two Monday’s ago it really trimmed that bullish momentum. Unfortunately it wasn’t anything fundamental specific that led to that hard down day either. After it happened I talked about the frustration in seeing bigger, volatile moves in futures without fundamental justification, like we endured for a couple years not too long ago. Since that time, the volatility had tamed considerably and…