wmeubank@ocp.kcmo.com
COMMODITY REVIEW AND OUTLOOK
195 Route 6A, Suite 6, Orleans, Massachusetts
(March 26, 1997)
LIVE CATTLE:
Cattle rallied on carryover support from the hog market early in the week, then fell when profit taking appeared in the hog market. Cash markets were uneventful. Seasonally, support should begin to develop over the next few weeks, so traders should keep an eye on the market for signs of a solid bottom or buying opportunities. If the hogs break again, new lows for the move in April and June cattle can't be counted out. Buy April cattle on dips to the upper 6700's, lower 6800's with stops of 100 points or under 6740. Buy June cattle on dips to the 6300's with stops of 100 points or so. Look for a move to the 6500 area. Option traders might buy June calls on dips. Longer-term traders should keep an eye on October or December cattle. Due to the liquidation of cattle last year, the potential is there for a move of substance later in the year. Aggressive long-term traders should think about buying December cattle in the mid-low 6900's with 100-point stops or under 6800. Objective is open. M. Steven Morgan
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