Live Cattle: The February contract closed $1.825 higher at $133.85. The minor (short-term) trend is sideways-to-up with the contract testing resistance near $134.00. This price marks the 33% retracement level of the downtrend from $145.425 through the double-bottom low of $129.65. Weekly stochastics remain neutral with secondary (intermediate-term) resistance near $138.20, then $139.80.
Feeder Cattle: The January contract closed $2.375 higher at $166.025. The contract extended its rally off the recent low of $158.05 while stochastics remain neutral near the oversold level of 20%. Initial resistance is at $171.30, the 23.6% retracement level of the previous downtrend from $214.15 through the low of $158.05. The 33% retracement level is up near $176.75.
Lean hogs: The February contract closed $0.65 lower at $57.675 last week. The previous week's bullish reversal was offset in part by last week's bearish close, keeping the market in a secondary (intermediate-term) sideways trend. Support is at the low of $53.975 and resistance last week's high of $59.65.
Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.39, down 4 cents for the week. Cash corn remains in a sideways trend as it consolidates near support at $3.44. This price marks the 50% retracement level of the rally from $2.81 through the high of $4.06. Weekly stochastics are neutral with the last intermediate-term signal a bullish crossover below the oversold level of 20% the week of June 1, 2015.
Soybean meal: The January contract closed $0.80 higher at $283.80. Last week's action looks to be a bullish spike reversal, in conjunction with a bullish crossover by weekly stochastics below the oversold level of 20%. Both would signal the secondary (intermediate-term) trend has turned up with initial resistance at $296.80, the 23.6% retracement level of the previous downtrend from $355.20 through last week's low of $278.70.
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