Cattle & Hog Prices Mixed
Meat Futures--- Live cattle futures today were very quiet today despite the huge volatility we have seen across the board in the stock and commodity markets basically finishing unchanged this Friday afternoon in Chicago finishing right around 117 a pound while feeder cattle prices basically finished unchanged in the August contract as well settling right around 156.72 near recent highs, however both of these markets really have no trend at this point. Lean hogs futures like I've stated in previous blogs earlier this week I thought had possibly double bottomed on the daily charts and that is exactly what happened after a limit up move of 300 points yesterday continuing up another 70 points in the June contract currently trading at 90.50 a pound and looking at continue its bullish momentum next week due to the fact that costs for feed has gone down substantially in the last couple of weeks which helps hog prices with corn and soymeal sliding the new lows. I do not really have an opinion on the meat markets for they have been pretty choppy and I will basically sit on the side-line until a good solid chart structure develops with the solid trend in place and until that time I will just be a spectator. Volatility in the meat markets except for today have been absolutely astonishing we had feeder cattle prices plunge from all-time highs only to go back up and retest highs just a month later in the same things basically been happening in live cattle and hog prices so if you are looking enter this market please be sure that you have a solid money management technique such as using what I prefer a 1- 2% risk on any given trade of your total account balance therefore limiting your risk when you are wrong because you will be wrong so you have to be able to manage it. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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