Boxed-beef Prices Limit Futures, Thursday25 October 2013
US - Declines in boxed-beef prices limited futures gains on Thursday, writes TheCattleSite analyst, Jim Wyckoff.
Texas saw prices at mostly $132 to $133 while Kansas saw $131 to $133. Gains in futures were mitigated by the slight decline in boxed beef prices Thursday. Trading has been choppy but the cattle futures bulls still have the overall near-term technical advantage.
Prices closed near the session low. Cattle futures saw just light support from the record cash cattle prices fetched Wednesday in both Texas and Kansas.
Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at last week's contract high of $134.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $131.40. First resistance is seen at today's high of $133.25 and then at this week's high of $133.70. First support is seen at $132.35 and then at $132.00. Wyckoff's Market Rating: 7.0
November feeder cattle closed down $0.67 at $166.95 Thursday. Prices closed near the session low on profit taking.
The feeder bulls still have the overall near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the recent contract high of $169.60.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $165.00. First resistance is seen at today's high of $167.42 and then at $168.00. First support is seen at this week's low of $166.35 and then at $166.00. Wyckoff's Market Rating: 6.5
TheCattleSite News Desk
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