Morning Ag Markets – 5/23/24 – Pete Loewen
A sharp push higher yesterday across the cattle complex opened the door to active spec buying and bullish chart technicals. May feeders finally took out the April high and the August and beyond months did the same and when that happened, what started as a decent rally turned into a great rally and all back months finished $2+ higher with the August contract more than $3 up. Live cattle gains were stout and all triple digits, but nothing in the $2 range and of course, live cattle charts have looked quite a bit better than feeders for a while anyway. No cash feedlot trade at least through the futures close yesterday, but afterwards MPR showed light numbers in Texas and Kansas at $187 picked up.…