Cattle Prices Hit A 4 Week High

Cattle Prices Hit A 4 Week High
Cattle Prices Hit A 4 Week High

Live Cattle Futures—Cattle futures in the December contract settled last Friday in Chicago at 109.90 while currently trading at 112.40 up about 250 points for the week as prices are right at a 4 week high. I am keeping a close eye on a possible bullish position come next week as the 10-day low stands at 107.25 which is too much risk at this time as I will try to take advantage of a price dip to around the 111 area then entering into a bullish position as the risk then would be around $1,600 per contract plus slippage & commission.

The commodity markets in general continue to move higher as all my recommendations are bullish as the grain market has caught fire over the last couple of weeks and I think the livestock sector is going to start to follow. For the bullish momentum to continue prices have to break the August 19th high of 114.02 in my opinion as that could happen in next week’s trade as the volatility certainly will start to expand as we enter the highly volatile seasons of autumn and winter.

Cattle prices are trading above their 20 & 100 day moving average as the trend remains to the upside and if you take a look at the daily chart we continually grind higher on the monthly basis as it looks to me that higher prices are ahead as I see no reason to be short cattle.






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