This summer we may face $5.00 gasoline and gold over $2,000. So how much will Sirloin, Porterhouse, and New York Strip steaks cost for the BBQ season? Are you hedged?
Last week April Live Cattle opened at $130.65 and closed the week at $129.50. The previous week, April Live Cattle opened at $127.025 and closed the week at $130.90 on news that the U.S. cattle herd now was at 90.8 million head, which is the lowest level since 1952. Keep in mind that in 1952 the U.S. population was 157 million and is now more than 311 million. The drop this past week was caused by bearish Cold Storage figures, Slaughter numbers, and a Cattle on Feed report released last week. See the reports below.
On the daily April Live Cattle chart below, you can see ADX at 25.8 and dropping, showing strength of trend. +DI looks to be getting ready to cross down below –DI. MACD has dropped divergence and is looking to cross down below the signal line, and Stochastics are correcting from overbought territory.
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