The major (long-term) trend of feeder cattle futures looks to have turned down during February. The nearby contract completed a bearish key reversal over the course of the month before closing below January’s low of $157.65. With futures spreads bearish, the downside target area would theoretically be between $136.70 and $128.95. The March contract close February at $157.725. Do I think we could take $20 to $30 off the feeder cattle market over time? It seems unlikely, but anything is possible these days. As always, keep a close eye on futures spreads for signs the commercial side is growing more or less bearish. Stay tuned.