Have Hogs Prices Bottomed ? Have Cattle Prices Topped ?

25 Sep in Blog, commodity trading, feeder cattle futures, futures broker, Lean hog futures, live cattle futures, Michael Seery, option broker, Seery Futures LLC

Livestock Futures--- Livestock futures today in Chicago are selling off with the December live cattle leading the way lower down 155 points currently trading at 126.80 a pound falling nearly 500 points from its high which was created September 13th and is now right near a two-month low looking at possibly entering a bearish trend while feeder cattle prices were also lower this morning by 140 points currently trading at 147.30 a pound stuck in an extremely tight three week trading range and in my opinion is looking to rollover to the downside possibly tomorrow or sometime this week. Remember historically live cattle prices hit all-time highs a couple weeks ago so there could be some downside possibilities here in the short term with prices in my opinion just too high with economies around the world especially China slowing down dramatically and I think many of these commodity prices look vulnerable at these lofty levels including the cattle markets. Lean hogs futures for the December contract are only down 22 points currently trading at 75.12 a pound currently at a seven week high and if you look at the chart it looks like a possible double bottom happened a couple of weeks ago right around the $.70 level, I have a different opinion of the hog market I do think on prices can continue to climb they are relatively cheap compared to beef prices and I think that spread will start to narrow between those two sectors possibly putting the hog market back up into the mid-80s in the next 2 to 3 weeks. Grain prices have been coming down in the last several weeks which in my opinion is helping the hog market which really suffered when corn prices hit about $8.25 a bushel, however prices have been coming down and I do think prices have bottomed in the hog market.

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