Cattle Technicals Look Bearish
Cattle was mixed today, but Virginia McGathey says the technicals do not look favorable.
McGathey…”Cattle was pretty steady right now, the futures are weakening though the technical support numbers did breach, and I think that confirms that the market is topping out and we're going to start to see some of these numbers that we haven't seen since actually Halloween. Think about that, though the market's been really strong and staying in this channel for quite a while. The idea of there might be something positive out of the on-feed report today hasn't really kept these prices higher and the cash market really says that there is some longterm pressure ahead and a correction objective would really put us down to about $114. Now, that's not saying the market's going to go there in one swing, but that would be about where we're looking at.”
Chicago March Wheat futures down $0.07 on Friday to $5.73 ½.
March Corn closed down $0.06 ½ to $3.87 ¼.
Portland prices for soft white wheat of ordinary protein unchanged from $6.20 to $6.30.
Club Wheat of Ordinary Protein also unchanged from $6.30 to $7.95.
Dark Northern Spring wheat prices down $0.08 ¼ ranging from $6.82 ½ to $7.17 ½ for 14% protein.
Live Cattle futures were up $0.17 ½ to $124.85 on the February board. March Feeder Cattle were down another $0.85 to $139.67 ½.
Class III milk was closed in positive territory up $0.02 to $18 even.