Bearish Long Term Outlook for Cattle

I'm Susan Allen with the Market Line Report for Friday August 21th 2015. Oliver Sloup of II Trader reported the close of yesterday's cattle market from the floor of CME and bearish was his outlook.

Sloup: Relatively quiet day, a little bit of profit taking early in the morning a lot of traders looking forward to the Cattle on Feed Report tomorrow, were' not expecting a whole lot of surprises what we are looking at a little bit of longer term we are looking at a bearish market in both the feeder and live cattle. I think we break down to $195 in very long term feeder cattle wise. Live cattle looing at $140.00 as support. Until we get new fundamental news to push us out of this range continue to play it on a technical basis look for a break out or break down to confirm this next trend. That's what were looking at that's what you should be looking at too.

Chicago September Wheat ended Thursday up 10 at 504 1/2. September corn ended the day at 479 ¼ up 91/2.Portland prices for soft white wheat of ordinary protein for September, ended the day up 10 at 5.64 ¼ Hard Red Winter wheat with 11 ½% protein, prices for September were 5.51 ¼ -5.91 1/4 up 7.

DNS wheat with 14% protein, prices for August were mostly 6.19 up 4 ¾.

August live cattle closed up $1.22 ½ cents at 146.22. September Feeder cattle stayed nearly even at 206. September class III milk was up 17 cents at 16.90.