Live Cattle: The October contract closed $3.825 higher at $111.575. October live extended its recently established secondary (intermediate-term) uptrend last week, closing near its weekly high of $111.825. This move looks to be Wave 1 of a 5-wave uptrend, with the recent Wave C (third wave of a 3-wave downtrend) low of $104.20 a test of support at $103.625.
Feeder Cattle: The October contract closed $5.45 higher at $156.10. October feeders remain in a secondary (intermediate-term) uptrend after posting another 4-week high of $157.30 last week. Next resistance on the contract's weekly chart is at the previous high of $159.825 while major (long-term) resistance on the market's monthly chart is near $165.725. The major trend remains up.
Lean Hogs: The October contract closed $5.275 lower at $55.70 last week. The market remains in a secondary (intermediate-term) downtrend as the contract moved below its previous low of $57.35. Next major (long-term) support is at $51.25, a price that marks the 76.4% retracement level of the previous rally from $40.70 (October 2017) through the high of $85.375 (July 2017).
Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.08 1/2, down 1 1/4 cents for the week. The NCI.X remains in a secondary (intermediate-term) uptrend on its weekly close-only chart. Initial resistance is at $3.13, a price that marks the 23.6% retracement level of the previous downtrend from $3.48 (week of June 5) through the low of $3.02 (week of August 21). If bullish momentum fails, support remains at $3.00.
Soybean meal: The more active December contract closed $7.60 higher at $319.00. The contract remains in a secondary (intermediate-term) uptrend after posting a new 4-week high of $320.90.
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