wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway,
McHenry, Illinois
(June 6, 1997) CATTLE: Feedlots sold lots of cattle this week at lower prices. The trend is for lower prices at this time. Next week, the trade was looking for $63, but now is talking $62 after the drop in cutouts this week and expected larger supplies next week. Futures closed down for the week and still managed to hold long term trend line support. We took profits on the short and could see a bounce off the trend line back to about 6450, if cash holds steady. If cash is lower and the trend line fails, futures could be setting up for 3.00 move lower. We'll look to sell a corrective rally next week and exit before the COF report. The H&S top in August projects to 63.00, the same as cash expectations for next week.
Rian Powell
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