Morning Ag Markets – Matt Hines
Date: December 13, 2023 Cattle futures continued higher on Tuesday as lean hogs finished mixed. This is the third consecutive higher close for both fats and feeders, yet I would still be reluctant to call the bottom in just yet. Charts are looking a little better and bottoms are typically rounded unlike highs which typically are spikes. Both fats and feeders still need to add another $4 to $5 and break nearby resistance levels to get me excited on a new rally beginning. Deferred contracts led the way higher yesterday. Fundamentals sure didn’t call for this 4-month sharp price drop and overall it’s too early to see much inventory building just yet. Only very light volume cash fed cattle reported so far this week in…