Morning Ag Markets – Matt Hines
Date: November 15, 2023 Moderate to strong follow through buying developed early in cattle futures on Tuesday. By late morning though, some of that enthusiasm had waned as gains were cut in half, yet we still held in positive territory for all but the nearby November feeder contract. Some of that upward momentum was halted as private average trade estimates were released for this Friday’s Cattle on Feed report. Most are looking for another bearish report with November 1st on feed numbers at 102% vs. last year and October placements at 107%. October marketings are expected to be better than month ago but still only 98% vs. a year ago. Cash fed cattle trade yet to develop with only very light volume so far in…