Live Cattle Futures—Live cattle futures in the June contract settled last Friday in Chicago at 120.35 while currently trading at 121.45 right near a 3 week high.
I have talked about cattle in many previous blogs as I still believe higher prices are ahead and if you are long a futures contract continue to place the stop loss under the 2 week low standing at 118.70 as I still believe prices will test the March 22nd high of 124.90 possibly in next week’s trade.
Cattle prices are now trading above their 20 and 100 day moving average as the trend remains to the upside as there is still a lot of uncertainty about the devastation that took place especially in the state of Nebraska so continue to place the proper stop loss as I still believe there is significant room to run to the upside.
Another round of snow and blizzards has entered the Great Plains area once again and that is also helping support prices coupled with the fact that we are entering the strong demand season for pork and beef as hog prices are right near a contract high as well.
If the 118.70 level is broken it would be time to exit move on and wait for better chart structure to develop, but at the current time it looks to me that another leg to the upside is underway.
CHART STRUCTURE: SOLID
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