Live Cattle: The December (most active) contract closed $5.625 lower at $131.375. The contract moved to a new low of $128.10 before rallying Friday, similar to what was seen the previous week. Despite bullish weekly stochastics, the secondary (intermediate-term) trend remains down with major (long-term) support at $126.50. The market is nearing a bullish change in trend on both its weekly and monthly charts.
Feeder Cattle: The November contract closed $7.075 lower at $174.525 last week. The contract posted a new low $169.10 last week, moving toward a test of major (long-term) support at $165.60. This price marks the 50% retracement level of the previous major uptrend from $85.45 through the high of $245.75. Both weekly and monthly stochastics are indicating the market is oversold and could be nearing a bullish change in trends.
Lean hogs: The December (most active) contract closed $0.40 lower at $65.375 last week. The secondary (intermediate-term) trend remains up, with weekly stochastics nearing the overbought level of 80%. The secondary trend is in line with the major (long-term) uptrend that still looks to be in the early stages of Wave 3 of a 5-Wave uptrend cycle.
Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.56, up 1 cent for the week. The secondary (intermediate-term) trend remains sideways-to-up with resistance at $3.67. This price marks the 50% retracement level of the sell-off from $4.06 through the low of $3.28. The major (long-term) trend remains up.
Soybean meal: The more active December contract closed $7.00 lower at $301.20. The contract dipped below technical support at $302.90 last week, dragging weekly stochastics below the oversold level of 20%. Next support is at the contract low of $286.00.
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