Cattle Prices Likely Just Topped Out. Look Out Below!

October live cattle (LEV26) futures present a selling opportunity on more price weakness.

See on the daily bar chart for October live cattle futures that price action on Monday negated a price uptrend, which is one clue that a near-term market top is in place. The bulls did not have the strength to extend the recent rally as prices neared very strong overhead technical resistance levels at the recent highs.

Delayed Brazil Coffee Harvest Lifts Arabica Prices

Larger Global Supplies Weigh on Cocoa Prices

Arabica Coffee Prices Jump as Heavy Rains Delay Brazil Coffee Harvest

Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now!

Fundamentally, beef prices at the meat counter remain historically elevated. We are in the peak driving and vacation season with gasoline prices at the pump still significantly above last year's levels. Consumers will likely be looking to more economical proteins such as pork and poultry. And the bacon-lettuce-tomato (BLT) season is now on the door step. All of the above suggest a dip in consumer demand for beef could occur in the n

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/commodities/articles/cattle-prices-likely-just-topped-142102291.html)