Live Cattle: The February contract closed $2.975 lower at $126.25. The minor (short-term) trend remains down after the futures contract moved to a new low of $122.375 last week. However, the rally off the weekly low could set the stage for buying to emerge near major (long-term) support near at $126.50.
Feeder Cattle: The January contract closed $7.325 lower at $152.125. The secondary (intermediate-term) trend remains down after the futures contract moved to a new low of $147.75. Major (long-term) support is pegged between $146.70 and $138.80. Last week's low was $147.75.
Lean hogs: The February contract closed $1.45 higher at $60.55 last week. The secondary (intermediate-term) trend is up as the futures contract moved to a new 4-week high of $61.75. Weekly stochastics are bullish, but did not establish a crossover below the oversold level of 20%, leaving the door open to renewed selling interest.
Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.51, down 6 cents for the week. The secondary (intermediate-term) trend is sideways-to-up with support at the recent low of $3.36 and resistance the 4-week high of $3.57. Weekly stochastics are bullish, indicating the market could move back into an uptrend with a target area between $3.67 1n3 $3.80.
Soybean meal: The January contract closed $11.20 lower at $273.70. The market extended its secondary (intermediate-term) downtrend to a new major (long-term) low of $272.00. Weekly stochastics are in single digits indicating a sharply oversold situation.
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