wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(November 24, 1997) CATTLE: Buyers were said to have been picking up cattle for holiday supplies which was helping weekly boxed beef prices. Most cash sales were reported on light to no trade. USDA estimate slaughter came to 133,000 versus the same for last year. Boxed beef lost today for all categories from $0.30 to $0.68. Futures: Wow! From $0.82 to a $0.90 gain for the nearby's! All of this in the face of a continued bearish cash market? Current up trend in March cattle is holding well. January feeders disregarded corn and gapped open and closed up $0.50 breaking the 50% retracement level at $80.27. Seasonal Trade: If you're bearish live cattle futures and would like to enter next week, sell on Monday's close. Over the past thirty years, selling on Monday's close and buying back on Friday's close would be profitable 68% of the time.
Rich Nelson
Hosted by:
One Crossroads Place
610 West Maple Ave, Suite WWW
Independence, MO 64050
(816) 252-4080
sysop@kcmo.com