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Cattle Prices Hit a 12-Week High
04/06/2015 7:00 am EST
As of Friday, cattle prices have gone sideways for the last nine days as volatility has come to a crawl, but Michael Seery, of SeeryFutures.com, doesn't think that will last for long as prices will breakout of this tight trading range soon, though he's still personally sitting on the sidelines.
Cattle Futures: Cattle futures in the June contract settled last Friday at 152.97 while currently up 100 points at 153.25, up slightly for the trading week as I'm still highly recommending producers to look at the October 144/146 put options to try to protect their livelihood as I still think supply will come onto this market in next six months.
Cattle futures are trading above their 20- and 100-day moving average still right near a 12-week high as I'm sitting on the sidelines as a speculator—but advising clients or producers to be hedging as I think the 1000 point rally might be a little long in the tooth—as the commodity markets in general are discombobulated towards cattle prices and eventually the two will have to come together, in my opinion.
Cattle prices have gone sideways for the last nine days as volatility has to come to a crawl but that won't last for long as prices will breakout of this tight trading range soon, in my opinion; however I'm still personally sitting on the sidelines.
Trend: Higher—Chart Structure: Poor.
By Michael Seery of SeeryFutures.com
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