Thursday Closing Comments

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We saw some clean up trade today at $75. With the improvement in the kills and cut-out, it's probably safe to assume that the packers are looking for demand to come around. I'd like to see that and expect to see that, but I'm leaning towards a push into the low $70's for cash first. We saw a fairly light volume rally on the board today and met some resistance at 7205. Stronger resistance will come in at about the 72.75-85 area, which is where the 40 day moving average comes in. I don't see much to get excited about right here and will be satisfied to let things develop some more before jumping in one way or another. I'd guess that a break down to recent lows and under the 70.50 area would indicate that we indeed are headed for the low $70's in cash, but still can't get excited about selling right now. We'll see how things work out tomorrow.

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