LIVESTOCK: December live cattle closed up $0.75 at $129.70 Thursday. Prices closed near mid-range and hit a fresh two-week high as the bulls regained some upside near-term technical momentum Thursday. Ideas that cash cattle prices will fetch higher levels this week boosted the futures, as did ideas Friday afternoon’s USDA cattle-on-feed report will be bullish by showing less cattle on feed in U.S. feedlots. The recent weakness of the U.S. dollar is also a bullish underlying factor for cattle and hogs. The cattle bulls have the near-term technical advantage at present. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the August high of $130.80. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $127.97. First resistance is seen at Thursday’s high of $129.87 and then at $130.00. First support is seen at Thursday’s low of $129.40 and then at $129.00. Wyckoff’s Market Rating: 6.5
November feeder cattle closed up $1.02 at $160.02 Thursday. The feeder bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the August high of $160.85. The next downside price breakout objective for the bears is to push and close prices below solid technical support at last week’s low of $158.00. First resistance is seen at $160.85 and then at $161.00. First support is seen at $159.50 and then at $159.00. Wyckoff’s Market Rating: 8.0
December lean hogs closed down $0.40 at $87.55 Thursday. Prices closed near the session high and profit taking was featured. Cash hog prices were mixed Thursday amid varied demand. Reports said some packers have cut back on slaughter due to limited supplies and poor margins. The hog still bulls have the solid near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $89.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $86.60. First resistance is seen at $88.00 and then at Monday’s contract high of $88.50. First support is seen at $87.00 and then at this week’s low of $86.85. Wyckoff’s Market Rating: 8.0
