LIVE CATTLE:  June

Live cattle have rebounded from yesterday's loss in the overnight trade.  Opening above $90.40 the market can push up to $91.15 before seeing solid resistance.  Trading back below $90.40 the market would then break back down to yesterday's low end of its range at $89.75.  It really wouldn't surprise me to see the cattle complex grind around in a range from $91.15 to $89.75 until first notice day. 

Support: 90.07 & 89.75                                                                 Resistance: 90.40 & 91.15             Long Term Trend: Down below 91.15                                           Short Term Trend: Down below 92.00                                                                                                                                                                  Upper Momentum:  95.45                                                               Lower Momentum: 90.85

FEEDER CATTLE:   Aug

Similar to the live markets, the feeders are trying to recover some of yesterday's losses.  Opening above $107.65 would be supportive as the market could move up to $108.12 and possibly $108.45.  For today the market would need to close back above $109.77 in order to expect a larger correction.  Holding below $108.12 the market could continue to see selling that would push it lower down into the $106.60 area into next week. 

Support:  107.25 & 106.60                                                             Resistance: 107.65 & 108.12       Long Term Trend: Down below 109.52                                          Short Term Trend: Down below 109.77                                                                                                                                                    Upper Momentum: 114.87                                                               Lower Momentum: 109.25

CORN:   July

Not much change in the corn market as price continues to be range bound.  Holding above 365 keeps the market trading in the upper half of the range with 372 as the next solid resistance.  Closing above 372 the market would then try and test the 380 area.  Moving back below 365 would tilt the market back bearish with 360 seen as next support

Support: 365, 362, & 360                                                             Resistance: 371, 372 & 375            Long Term Trend: Down below 368                                             Short Term Trend: Down below 366 Upper Momentum: 372                                                                  Lower Momentum: 360

Hogs:  July

Early strength has the hog market trading on a key level of resistance/support.  Today $82.35 will again be critical to market direction.  Opening above this level keeps support under the market buy $82.70 needs to be breached in order to attract new buying.  On the downside opening and holding below $82.35 will keep the market defensive and likely will move back down into the $81.50 area.  Closing below $81.50 would be bearish while closing above $82.70 is bullish

Support: 81.90 & 81.50                                                         Resistance: 82.35 & 82.70                     Long Term Trend: Down below 82.35                                   Short Term Trend: Down below 82.45 Upper Momentum: 84.92                                                        Lower Momentum: 81.77

Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, brock@brockthompsontrading.com (806)-350-2400

Would you like to know tomorrow's trading targets today?  If you would like to know where support, resistance, value ranges and market collars are projected for the following trading day or more about how we trade please visit www.MarketDayTrading.Com. 

Make note that intra-day support and resistance prices change throughout the day, so if you have any questions during market hours please give me a call for an update.    

These forecasts are solely the opinion of the author and make no representation as to how the market will actually trade.  There is substantial risk of loss in trading futures and options; therefore you should carefully consider whether trading is appropriate for you in the light of your financial situation.