Live Cattle: The February contract closed $3.925 lower at $132.875. While the secondary (intermediate-term) trend remains up the minor (short-term) trend is down. Initial support is near $132.575, a price that marks the 33% retracement level of the previous minor uptrend from $121.975 through the high of $137.875. The 50% and 67% retracement levels are at $129.925 and $127.275 respectively. Daily stochastics remain near the overbought level of 80%.
Feeder Cattle: The March contract closed $6.325 lower at $157.325. The secondary (intermediate-term) trend turned sideways as the futures contract posted a bearish outside week. Also, the minor (short-term) trend turned down with next support near $154.30. This price marks thee 50% retracement level of the previous minor uptrend from $141.70 through the high of $166.875. The 67% retracement level is down near $150.10.
Lean hogs: The February contract closed $0.05 higher at $59.85 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, unchanged for the week. The secondary (intermediate-term) trend is sideways-to-down. The NCI.X tested support between $3.29 and $3.23, with its low of $3.28, before rallying. Weekly stochastics remain neutral-to-bearish near the oversold level of 20%.
Soybean meal: The March contract closed $3.20 higher at $268.70. While the secondary (intermediate-term) trend remains down, the futures market is nearing a bullish turn. The March contract may have established a spike reversal last week after posting a new low of $263.80. Meanwhile, weekly stochastics are in position to establish a bullish crossover below the oversold level of 20% in the coming weeks.
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