Technically Speaking

Live Cattle: The June contract closed $1.85 lower at $122.175. The secondary (intermediate-term) trend remains sideways with support pegged near $120.76. This price marks the 67% retracement level of the rally from $115.475 through the high of $131.35.

Feeder Cattle: The May contract closed $2.300 lower at $150.55. The secondary (intermediate-term) trend remains sideways. Resistance remains near $165.90, a price that marks the 33% retracement level of the previous downtrend from $2.1245 through the low of $142.65. Support is at the 4-week low of $146.975.

Lean hogs: The June contract closed $3.25 lower at $77.625 last week. The secondary (intermediate-term) trend remains down. Initial support is near $77.10, the 50% retracement level of the previous uptrend from $70.25 through the high of $83.975. The 67% retracement level is down near $74.825.

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.50, up 14 1/2 cents for the week. It remains difficult to get a good read on the secondary (intermediate-term) trend of the NCI.X. However, last week's strong rally saw cash corn post a new 4-week high indicating the secondary trend could now be considered sideways-to-up. The NCI.X is immediately testing resistance between $3.49 1/2 and $3.59 1/2, prices that mark the 33% and 38.2% retracement levels of the previous downtrend.

Soybean meal: The May contract closed $22.20 higher at $295.90. The secondary (intermediate-term) trend remains up with next resistance at $301.80, a price that marks the 50% retracement level of the previous downtrend from $344.60 through the low of $258.90. Weekly stochastics remain below the overbought level of 80%.

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