Live Cattle: The February contract closed $4.625 lower at $129.225. The minor (short-term) trend is down after the futures contract moved to a new low of $127.325 last week. Major (long-term) support remains near $126.50, the 50% retracement level of the previous major uptrend from $80.225 through the high of $172.75.
Feeder Cattle: The January contract closed $6.575 lower at $159.45. The secondary (intermediate-term) trend turned down again last week after the futures contract moved to a new low of $156.775. Major (long-term) support is between $146.70 and $138.825, prices that mark the 61.8% and 67% retracement levels of the previous major uptrend from $85.45 through the high of $245.75.
Lean hogs: The February contract closed $1.425 higher at $59.10 last week. The secondary (intermediate-term) trend looks to have turned up after the futures contract posted a bullish outside week. The contract also move to a new 4-week high of $60.05. Weekly stochastics established a bullish crossover below the oversold level of 20%.
Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.57, up 18 cents for the week. The market returned to its secondary (intermediate-term) uptrend with a move to a new 4-week high last week. Next resistance is at $3.67, then $3.80.
Soybean meal: The January contract closed $1.10 higher at $284.90. The market extended its recently established secondary (intermediate-term) uptrend before falling back late last week. This could lead to consolidation unless additional noncommercial short-covering is seen.
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