Technically Speaking

Live Cattle: The June contract closed $7.525 lower at $114.65. June live cattle collapsed to a new contract low of $113.90 last week. This did damage to both the secondary (intermediate-term) weekly and major (long-term) monthly charts. Major support is pegged between $115.575 and $111.025, prices that mark the 61.8% and 67% retracement levels of the previous uptrend from $80.225 through the high of $172.75.

Feeder Cattle: The August contract closed $9.525 lower at $142.10. August feeder cattle posted a new contract low of $141.55 last week. This is a test of major (long-term) support between $146.675 and $138.825, prices that mark the 61.8% and 67% retracement levels of the previous major uptrend from $85.45 through the high of $245.75.

Lean hogs: The June contract closed $1.20 higher at $78.825 last week. Despite the higher weekly close the secondary (intermediate-term) trend remains down. Initial support is near $77.10, the 50% retracement level of the previous uptrend from $70.25 through the high of $83.975. The 67% retracement level is down near $74.825.

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.39 3/4, down 10 1/4 cents for the week. It remains difficult to get a good read on the secondary (intermediate-term) trend of the NCI.X. Given last week's bearish close following the previous week's bullish range, the secondary trend could still be viewed as sideways with support between $3.29 and $3.23. Resistance between $3.49 1/2 and $3.59 1/2 continues to hold.

Soybean meal: The July contract closed $16.00 higher at $314.60. The secondary (intermediate-term) trend remains up with major resistance pegged at $353.10. This price marks the 33% retracement level of the previous major downtrend from $541.80 through the low of $258.90.

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