Live Cattle: The June contract closed $2.70 higher at $123.425. June live cattle posted a bullish breakaway gap last week between $120.925 and $121.20. This would seem to indicate the contract has moved back into a secondary (intermediate-term) uptrend. If so initial resistance is pegged near $125.25, a price that marks the 33% retracement level of the previous downtrend from $147.975 through the recent contract low of $113.90. The 50% retracement level is up near $130.95.
Feeder Cattle: The August contract closed $0.925 lower at $146.25. The secondary (intermediate-term) trend looks to be sideways in the wide range between the contract low of $138.10 and near $155.40. The latter marks the 33% retracement level of the previous downtrend from $190.00 through the contract low.
Lean hogs: The June contract closed $0.675 higher at $81.95 last week. Despite the higher weekly close the secondary (intermediate-term) trend remains down. Resistance remains at the contract high of $83.975 with support between $79.40 and $77.10. These prices mark the 33% and 50% retracement levels 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 $3.55 3/4, up 17 cents for the week. The secondary (intermediate-term) trend remains sideways. For now resistance remains near $3.59 1/2 while support is near $3.23.
Soybean meal: The July contract closed $20.20 higher at $363.00. The secondary (intermediate-term) and major (long-term) uptrends continue to strengthen. Next major resistance is pegged at $367.00, a price that marks the 38.2% retracement level of the previous downtrend from $541.80 through the low of $258.90. Weekly stochastics have climbed above the overbought level of 80%.
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