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COMMODITY REVIEW AND OUTLOOK
195 Route 6A, Ste. 6, Orleans, Massachusetts
800-634-3194(November 24, 1999) CATTLE: A reversal of yesterday's action with a solid move to the highs, only to close on the lows. More choppy action, as has been the case with cattle for some time now. If demand stays strong and the tighter numbers that are expected do materialize, cattle could still have some upside in their future. Boxed beef and cash cattle markets remain firm. We are also seeing rollovers of long positions from December to February and April.
Watch for undue weakness in February and April after December 1. Watch for continued failures as the highs are approached.
RESISTANCE--Basis February lies near 7135, 7150-7180, 7347, 7390.
SUPPORT--Basis February lies near 7030-7010, 6970-6997, 6940, 6905, 6872, 6825, 6790-6800, 6740.
RECOMMENDATION--No trade for now.
M. Steven Morgan