Cattle Prices Look Bearish

28 Mar in Blog, commodity consulting, commodity trading, feeder cattle futures, futures broker, Lean hog futures, live cattle futures, Michael Seery, option broker, Seery

Live Cattle Futures--- Live cattle futures in the June contract settled last Thursday in Chicago at 125.37 as I'm currently looking at a possible short position as prices are right near a 4 week low. Cattle prices are trading below their 20 day but still slightly above their 100 day moving average telling you that the short-term trend is mixed, however prices have hit a 4 week low which does meet my criteria to enter into a new position, however the chart structure is terrible at the present time as the 10 day high is around 600 points away or $2,500 risk per contract plus slippage and commission which is way too high at this point to enter.

The chart structure will start to improve especially if there is a price rally so we could be entering a short position come Thursday or Friday so keep a close eye on this market as it certainly looks like prices may have topped out as the Easter holiday is now behind us which I think is negative towards livestock prices in the short-term.

Hog prices have finally broken down over the last several days as I think those prices will start to decline as well even putting more pressure on cattle prices so keep a close eye on hogs as we could be in the livestock sector again very soon. TREND: MIXED---LOWER –CHART STRUCTURE: POOR

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