LIVESTOCK: June live cattle closed up $0.77 at $138.30 Tuesday. Prices closed nearer the session high. The bulls have the solid near-term technical advantage. Steady to higher cash cattle prices last week and the big discount that futures have to the cash cattle market are supportive for the futures. Bulls’ next upside price objective is to push and close prices above solid resistance at $140.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $136.50. First resistance is seen at this week’s high of $138.60 and then at $139.00. First support is seen at $138.00 and then at this week’s low of $137.40. Wyckoff’s Market Rating: 7.5
August feeder cattle closed up $1.45 at $191.25 Tuesday. Prices closed near the session low but did close at a contract high close today. 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 last Friday’s contract and record high of $193.47. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $188.00. First resistance is seen at $192.00 and then at today’s high of $192.30. First support is seen at $191.00 and then at $190.00. Wyckoff’s Market Rating: 8.0
June lean hogs closed up $0.87 at $123.22 Tuesday. Prices closed nearer the session low. The bulls and bears are on a level near-term technical playing field. However, a six-week-old downtrend line is in place on the daily bar chart. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $127.50. The next downside price breakout objective for the bears is pushing prices below solid technical support at $121.50. First resistance is seen at $124.00 and then at today’s high of $124.70. First support is seen at $123.00 and then at $122.50. Wyckoff’s Market Rating: 5.0
*. GRAINS: July corn futures closed up 9 3/4 cents at $5.17 3/4 Tuesday. Prices closed nearer the session high. Support comes from planting delays in the U.S. and more wet weather in the forecast for the Corn Belt. Corn prices are in a four-month-old uptrend on the daily bar chart as the bulls have rallied smartly to keep a price uptrend alive. The bulls have the overall near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above strong technical resistance at the April high of $5.24 1/4. The next downside price breakout objective for the bears is pushing and closing prices below solid support at this week’s low of $4.97 1/2. First resistance for July corn is seen at today’s high of $5.19 and then at last week’s high of $5.22. First support is seen at $5.13 and then at $5.10. Wyckoff’s Market Rating: 6.5
