Are Cattle Prices Going Lower ?

Are Cattle Prices Going Lower ?
Are Cattle Prices Going Lower ?

Live Cattle Futures—Cattle futures in the February contract is breaking a 2 day winning streak down 15 points at 124.82 in a very quiet Monday afternoon in Chicago waiting for some fresh fundamental news to push prices in either direction.

If you have been following any of my previous blogs you understand that I am looking at a possible short position if prices break the 123.12 level which was hit on November 13th while then placing the stop loss above the contract high which was hit on November 29th at 127.15 as the risk would be around $1,200 per contract plus slippage & commission.

Cattle prices have been stuck in a 5-week consolidation pattern as prices are still up over 20% from their September lows as this has had a terrific rally in my opinion as I think prices look expensive and have topped out so keep a close eye on a short position in the coming days ahead.

If you take a look at hog prices they are way more depressed than cattle prices as I think the risk/reward is in your favor, however if prices do not crack that critical 5 week low I not jump the gun as this trend still remains mixed to higher as I do not want to counter-trend trade as that is very dangerous over the course of time.






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