Technically Speaking

Live Cattle: The December contract closed at $103.325, up $3.20 on the monthly chart. December live cattle look to have established a spike low on the market's long-term monthly chart. After posting a new low of $96.10 the contract rallied back above support near $102.05 to end the month. This also established a bullish crossover by weekly stochastics below the oversold level of 20%. The combination would indicate the major (long-term) trend has turned up.

Feeder Cattle: The January contract closed at $116.00, down $3.65 on the monthly chart. The market posted another new major (long-term) low of $114.65 in October. Once again, this could possibly be a Wave C low, particularly with monthly stochastics posting a bullish crossover below the oversold level of 20% as the month came to an end.

Lean Hogs: The December contract closed at $47.95, up $3.975 on the monthly chart. The rally off October's low of $40.70 sets the stage for a possible spike reversal to have been established. However, monthly stochastics remain bearish meaning the market may need to see continued buying during November before a major (long-term) uptrend can be declared.

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.11 1/4, up 16 cents for the month. Monthly stochastics posted another bullish crossover, again indicating the major (long-term) trend has turned up. However, confirmation of this change in trend would occur with a move to a new 4-month high, beyond thee July peak of $3.29 3/4.

Soybean meal: The December contract closed at $316.10, up $16.50 on the continuous monthly chart. Despite the continued sell-off the market remains in a major (long-term) 5-Wave uptrend. The December contract continues to hold above support at $299.90, a price that marks the 76.4% retracement level of the Wave 1 rally from $258.90 through the high of $432.50. The September low of $294.10 continues to look like a Wave 2 bottom, retracing 80% of Wave 1.

To track my thoughts on the markets throughout the day, follow me on Twitter: www.twitter.com\DarinNewsom