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.




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