Live Cattle Futures—Live cattle futures in the June contract is currently trading lower by 95 points at 120.62 after settling last Friday in Chicago at 119.00 up about 160 points for the week continuing its bullish momentum. If you are long a futures contract continue to place the stop loss at the 118.30 level as an exit strategy as I still think prices will retest the contract high which was hit a couple of weeks back around the 125 level. Cattle prices are still trading above their 20 & 100 day moving average as the trend still remains to the upside as hog prices are right near another contract high helping support cattle. Another massive snowstorm in the western corn belt is supposed to arrive in the next couple of days possibly dumping 20 inches of snow as that has been a major problem which has caused flooding as that is one of the main reasons why you’re seeing higher livestock prices. Volatility in cattle will remain high so if you do get involved in this market make sure you place the proper amount of contracts while risking 2% of your account balance as cattle is witnessing tremendous price swings on a daily basis.
CHART STRUCTURE: SOLID
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