Technically Speaking

Live Cattle: The June contract closed $0.40 higher at $153.375 last week. The secondary (intermediate-term) trend remains up with next resistance at 154.825, the 67% retracement level of the previous secondary downtrend from $162.925 through the low of $138.60. Support continues to come from strong commercial buying, as indicated by the futures spreads.

Feeder Cattle: The May contract closed $0.675 lower at $217.45 last week. While the secondary (intermediate-term) trend remains up the contract could start to consolidate between resistance near $215.10 and $222.20. These prices mark the 50% and 67% retracement levels of the previous downtrend from $236.325 through the low of $193.90.

Lean hogs: The June contract closed $0.70 higher at $75.70 last week. The secondary (intermediate-term) trend has turned sideways with support at the recent low of $72.05 and resistance at the 4-week high of $80.15. Weekly stochastics established a bullish crossover last week, indicating a possible change in trend in the coming weeks.

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.65, down $0.04 for the week. The NCI.X moved back into a sideways trend last week, with support at $3.47 and resistance at $3.84. The midpoint of this range is $3.66.

Soybean meal: The May contract closed $5.90 higher at $327.30 last week. Weekly stochastics indicate the secondary (intermediate-term) trend remains sideways. However, May soybean meal posted a bullish outside week last week indicating possible continued buying could lead to a test of resistance the recent high of $351.70. This price is itself a test of resistance at the 50% retracement level ($351.00) of the previous downtrend from $409.60 through the low of $292.30.

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