Cattle Prices Lower Off Report

Cattle Prices Lower Off Report
Cattle Prices Lower Off Report

Cattle Futures—Cattle futures in the June contract are sharply lower down 110 points at 121.57 reacting negatively off of the cattle on feed report which was released last Friday.

I have been talking about cattle for quite some time and I still believe higher prices are ahead & if you are long a futures contract I would continue to place stop the loss under the 2 week low which now stands at 119.60 as an exit strategy on a closing basis only.

Large money managed funds are long around 152,000 contracts which is an all time record as they still believe higher prices are ahead and I agree with them at this time, however many of the agricultural markets were lower across the board in today’s trade.

Cattle prices are trading above their 20 & 100 day moving average as hog prices we’re almost limit down in today’s trade as that also put pressure on cattle prices.

If you take a look at the daily chart the uptrend line remains intact as the chart structure for such a volatile commodity remains excellent at the current time so continue to play this to the upside in my opinion.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: HIGH

 

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