Looking To Buy Cattle

Live Cattle Futures---Live cattle futures in the October contract is currently trading at 109.15 as I will be recommending a bullish position if prices crack the July 12th high of 110.25 on a closing basis only while then placing the stop loss below the 10 day low standing at 103.30 as the risk would be around $1,200 per contract plus slippage and commission.

The volatility has been relatively low over the last several months bottoming out on May 31st at 103.17 as the chart pattern looks very positive in my opinion so look to play this to the upside. Cattle prices are trading above their 20 day but still below their 100 day moving average which stands around the 111 area as I believe the risk/reward are in your favor.

Fundamentally speaking the monthly NASS Cold Storage report indicated another drop in frozen beef stocks to 394.525 million lbs on June 30. That was down 2.62% from May and 12.05% below a year ago to reach a 5 year low which was the 1st time beef stocks have been under 400 million lbs since Oct 2014.

I am also looking at a possible bullish position in the hog market as it looks to me that the livestock sector has finally bottomed out as I am also bullish many commodities sectors.

TREND: MIXED---HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

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