DTN Chart Technical Points 12/06 16:30 DTN FUTURES 10 12/06/23 SLOW STOCHASTIC
Market bearishness continues to be seen through the cattle complex, once again breaking through recent support levels and testing if not setting contract lows. The continued pressure in both fundamental and technical factors across the cattle complex is limiting any sense of support.
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 12/06/23 VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
FARM MARKET NEWS - SOYBEAN AND WHEAT REPORT FOR Wed, December 6 Exchange rate was 1.3584 up 0.0002
FARM MARKET NEWS - CORN REPORT FOR Wed, December 6 Exchange rate was 1.3584 up 0.0002
For the third time in the past week, USDA announced a sale of soft red winter wheat to China; total sales this week were over 37 mb. Chicago and the other two wheat markets surged early but were unable to keep the gains. As rain continues to improve South American soybean and corn prospects, those markets slipped lower again Wednesday, led by January soybeans, which fell through $13. Soy product gains moved higher early, but reversed midsession, with soymeal and bean oil falling to large losses, with the latter pressured by the fifth straight lower finish on crude oil.
The cotton market fell a second time from the 80-cent mark to close slightly higher Wednesday.
Livestock futures are mixed Wednesday morning with traders adjusting positions following the strong cattle market rally Tuesday. The inability to draw additional price support in live cattle trade could create additional end-of-the-week market pressure.