Morning Ag Markets – Matt Hines
Date: January 18th, 2023 Equites sharply lower and grains higher providing most of the pressure on cattle futures yesterday. It didn’t help to have last week’s cash fed cattle trade to wrap up the week at $1 to $2 lower. It also did not help so see that 1/3 of the volume was for deferred delivery. Leverage is the key word this week as packers will try to maintain it and feeders will be trying to regain some. Live cattle futures broke through nearby support levels while feeders now 4 consecutive days trading lower and into new recent lows. Lean hogs spent most the day triple digits higher but starting trimming gains midday with the nearby Feb contract finishing lower while all deferred contracts held…