Live Cattle: The April contract closed $1.775 higher at $114.925. Despite the higher weekly close the market remains in a secondary (intermediate-term) downtrend with initial support near $112.65. This price marks the 33% retracement level of the previous uptrend from $97.25 through the high of $120.325. The next downside targets are near $108.80 and $104.95, the 50% and 67% retracement levels of the previous trend.
Feeder Cattle: The March contract closed $2.00 higher at $124.075. March feeders posted a strong rally off last week's test of support at $120.40 (low of $120.50), establishing a bullish outside week. This gives the contract conflicting technical signals with weekly stochastics still indicating a secondary (intermediate-term) downtrend.
Lean Hogs: The April contract closed $0.30 lower at $70.775 last week. The contract continues to indicate its secondary (intermediate-term) trend is down. Initial support is near $66.80, a price that marks the 33% retracement level of the previous uptrend from $55.05.
Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.31 3/4, down 5 3/4 cents for the week. Last week's lower close established another bearish crossover by weekly stochastics, again indicating a move to a possible secondary (intermediate-term) downtrend. The NCI.X remains priced between resistance at $3.29 1/4 and $3.42 3/4, prices that mark the 38.2% and 50% retracement levels of the previous secondary downtrend between $4.00 1/2 and $2.85 1/4.
Soybean meal: The May contract closed $2.60 lower at $343.90. The secondary (intermediate-term) trend remains sideways-to-up though resistance at $356.60 continues to hold. This price marks the 76.4% retracement level of the previous downtrend from $374.00 through the low of $299.70. Weekly stochastics are neutral-to-bullish, slightly below the overbought level of 80%.
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