Cattle Prices Remain Bearish

Live Cattle Futures---Live cattle futures in the August contract settled last Friday at 108.92 while currently trading at 107.72 down over 100 points for the trading week as prices have been stuck in a 3 week consolidation pattern.

At the present time I am sitting on the sidelines waiting for a trend to develop as we have been in a trading range between 106 /110 over the last several weeks as prices still remain on the defensive as we are under the 20 and 100 day moving average as the trend still remains weak.

I am keeping a close eye on the hog market for a possible short position as I still think cattle prices will head lower due to the fact of no trade agreement with China as that situation seems to be accelerating on a weekly basis as it doesn't look like any trade deal will be done for months to come.

The cattle on feed report is expected on average to show April placements up 13.5% from a year ago with marketing in that month 6.6% higher as that will certainly send volatility back into this market.

If you have been following any of my previous blogs you understand that most of my trade recommendations are bearish as I still think the commodity markets are headed lower in the short term so keep a close eye on this market as a breakout is looming.

TREND: ---MIXED

CHART STRUCTURE: SOLID

VOLATILITY: HIGH

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