wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(November 24, 1997) CATTLE: Show lists containing cattle ready in December have begun to show up with more frequency. U.S. Plains cattle trade was reported slow with feedlots looking optimistically for a 68 average this week. The CME 12-state feeder index for Monday's close gained .38 to 77.11. USDA estimated slaughter came to 134,000 versus 127,000 last year. Boxed beef lost for choice but was mixed for select.
Futures–February cattle may be setting up for a short-term bullish flag formation or a long-term bullish head and shoulders. 69.10 must be held for the head and shoulders formation to be valid. 70.65 may be the objective for the flag to reach. Cash trade hasn't given us the clear signal that is needed in order to reach these levels. Feeders reacted positively with the falling grain trade with March closing .30 higher.
Rich Nelson
Hogs
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Cattle
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