Live Cattle: The February contract closed $0.225 lower at $136.80. The secondary (intermediate-term) trend is up with the futures contract testing resistance near $139.15. This price marks the 50% retracement level of the previous downtrend from $156.30 through the low of $121.975. The minor (short-term) trend looks to be turning down as the contracts tests resistance while daily stochastics near a bearish crossover above the 90% level.
Feeder Cattle: The March contract closed $3.525 higher at $163.65. The secondary (intermediate-term) trend is up while the minor (short-term) trend looks to be nearing a downturn. Secondary resistance is near $165.30, a price that marks the 33% retracement level of the previous downtrend from $212.525 through the low of $141.70. If the minor trend turns down, initial support is near $156.45. Daily stochastics are well above the overbought level of 90%.
Lean hogs: The February contract closed $1.50 higher at $59.80 last week. The secondary (intermediate-term) trend remains sideways between the wide range from the 4-week high of $61.75 and 4-week low of $54.95. The minor (short-term) trend on the contract's daily chart is sideways-to-up.
Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.34, down 3 cents for the week. The secondary (intermediate-term) trend is sideways-to-down Next support is between $3.29 and $3.23. Weekly stochastics remain neutral-to-bearish above the oversold level of 20%.
Soybean meal: The March contract closed $5.40 lower at $265.50. The secondary (intermediate-term) trend is down. Next major (long-term) support is at the July 2010 low of $256.70. Weekly stochastics are in single-digits indicating a sharply oversold situation.
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