Where Are Cattle Prices Going ?

Live Cattle Futures---Live cattle futures in the June contract are trading lower by 20 points at 123.70 breaking a 7 day winning streak after settling last Friday in Chicago at 121.92 hitting a fresh contract low earlier in the session.

In my opinion I still believe higher prices are ahead as there so much uncertainty about the devastation that has occurred in Nebraska and Iowa as today was blamed solely on profit taking.

Cattle prices are trading far above their 20 & 100 day moving average telling you that the trend is higher as hog prices have exploded over the last week helping support cattle as this natural disaster was Nebraska's worst in recorded history.

If you are long a futures contract I would place the stop loss at the March 13th low of 118.30, however that chart structure will improve on a daily basis therefor the monetary risk will be lowered as I still think prices could touch the 130 level which is only another 6% move higher.

The fact that the Federal Reserve also announced yesterday that they will not raise interest rates for the rest of 2019 is a bullish fundamental factor towards all commodity prices.

TREND: --HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY---HIGH

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype Address: 5da1f85979b7117b

TWITTER---@seeryfutures

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

Email: mseery@seeryfutures.com

If youre looking to open a Trading Account click on this link www.admis.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.