The final two weeks of the calendar year are always quiet in the ag marketplace, and that was no different this year. Bill Moore, senior account executive with The PRICE Futures Group, said many traders have used the opportunity to even themselves out for the new year.
Moore said that the export situation will be the main focus in the new year, and that situation is looking good as of right now.
The Dow Jones has also been on an impressive run lately, and Moore said that adds positive support to the entire ag marketplace as well.
Of course, Moore said Brazil will remain a top focus of the grain markets as well, especially with their recent weather and yield concerns.
As for the livestock markets, Moore said that pork prices have been hovering around the lows, but an increase in demand next year could help bring them up from that.
The cattle markets saw a similar story at the end of the year, as consumers had enough of the high meat prices and brought the bullish rally to a screeching halt. However, Moore said he also anticipates an increase of demand in early 2024 that could boost those prices off of their lows as well.
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