DTN Chart Technical Points 05/07 16:30 DTN FUTURES 10 5/07/21 SLOW STOCHASTIC
Even with the corn market gaining strength Friday afternoon, both the live cattle and feeder cattle contracts managed to close moderately higher.
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 05/07/21 VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
FARM MARKET NEWS - CORN REPORT FOR Fri, May 7 Exchange rate was 1.2151 down 0.0034
FARM MARKET NEWS - SOYBEAN AND WHEAT REPORT FOR Fri, May 7 Exchange rate was 1.2151 down 0.0034
Old- and new-crop corn and soybean futures rose sharply in Thursday overnight trade and again Friday, setting new contract highs and led by November beans. World veg oils -- including palm oil, canola and bean oil -- all set new highs. Minneapolis wheat soared to another new high on expanding drought in the Northern Plains, but only finished slightly higher.
Despite strong performances in the grains, energies and precious metals, cotton futures were lower all day.
The feeder cattle contracts aren't going to let Friday pass them by without taking advantage of the market's opportunity to rally.