wmeubank@ocp.kcmo.com
COMMODITY REVIEW AND OUTLOOK
195 Route 6A, Suite 6, Orleans, Massachusetts
(December 4, 1997) CATTLE: SHORT TERM–Talk of snow in Oklahoma and Texas is supporting the cattle. Expectations that the cash markets might weaken later in the week continues to exert selling pressure. However some traders suspect that cash has put in a near term low, as retailers have begun buying in advance of the holiday season. Seasonal patterns would tend to support that line of thought. However, the charts suggest that the prospect of ample supplies and softer demand from Asia are foremost in the minds of traders.
RESISTANCE–Resistance basis February lies near 6810, 6850, 6890, 6930, 6950-6970, 7000.
SUPPORT–Support basis February lies near 6760, 6610.
RECOMMENDATION–Aggressive traders might buy February cattle near current levels, looking for a rally to at least the mid 6800's. Use 50-100 point stops.
M. Steven Morgan
Hogs
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Cattle
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