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Northwest Iowa | There is a little gap down at 143.45. Are they going to cover that? could be. It would make the bulls darn nervous but the key is to hold the low. This one will be hard to be exact as I expect a sideways trading pattern to develop. I do like the weekly chart showing good volume and if we close near where we are trading right now, there will be a Japanese candlestick doji formed. It still looks like the lows will hold for now. Thinking this through, if we have a run to the upside in corn later this summer/fall, then the fallout would be a breakout to the downside in feeders allowing my final price objective to be met. Feeders are sensitive to corn prices. | |
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April-June live cattle
