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Grain futures closed lower on Friday November 24, 2023 as markets wrapped up early for the holiday, with corn down 5 cents, soybeans down 26 cents and wheat down 7 to 13 cents. January feeder cattle closed down $7.80 and livestock was hit hard.
Traders cited recession worries and weekend watch for South American weather.
Lower futures and fund-driven selling weaken the price outlook for feed grains and feeder cattle, which lowers input costs for feed buyers in the near term. Bearish technicals and possible money outflows from commodities suggest continued pressure unless South American weather turns.
agriculture.comBob LinnemanNov 24, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Notes livestock hit hard on Nov 24 with January feeders down $7.80 amid recession worries, a demand/sentiment driver of the selloff.
