How High Are Cattle Prices Going ?

Live Cattle Futures---Live cattle futures in the June contract is trading higher for the 6th day in a row up another 62 points at 123.35 hitting another contract high.

In my opinion as I've stated in many previous blogs I think cattle prices are headed higher with the next major level of resistance at 128/130 and if you are long a futures contract I would stay long as I see no reason to be short.

Feeder cattle prices are up sharply for the 2nd consecutive session after they broke out of a 3 month consolidation pattern earlier in the week as I still think prices could test the 160 level soon. Hog prices are limit up in today's action which means another 300 points higher as that is also helping support the cattle market.

The devastation that we have witnessed in the states of Nebraska and Iowa is certainly pushing prices higher and I think that will continue for several more weeks until we find out exactly where the fundamental picture stands.

TREND: --HIGHER

CHART STRUCTURE: POOR

VOLATILITY---HIGH

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