wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(August 8, 1997) CATTLE: The live cattle complex closed higher because of a technical bounce but the fundamentals still appear weak and have not changed. There is some cash movement today at $64 but feedlots decided to carry their inventory into next week hoping packers will be needing it enough to bid up for it. Packers indicated that they had the need for some cattle but the feeders did not like the price. Neither the buyers or sellers are convinced of market direction as of yet. Feeders had basically a quiet trade today ending a little lower in light of the higher grain prices. There some idea that there is a near-term market top in place. The August and September have closed below the 40-day moving average which is now resistance.
Robin Schmahl
Added to the WWW 08-15-97
Last updated on 08-15-97
Hosted by:
One Crossroads Place
610 West Maple Ave, Suite WWW
Independence, MO 64050
(816) 252-4080
sysop@kcmo.com