Since Feb 1980 price has never declined over 30% (avg major peak to major trough was about 28%). Since Q4 of 2014 price has declined 40%, so by all standards this is considered a somewhat rare decline in price. Though, given how high prices have gone, it is far from out of the ordinary to see a decline of this magnitude or greater. This recent price action is reminiscent of oil in January/February. My thought is we'll see a bottom somewhere between 96 - 88. 88 seems more likely. I am going long with low leverage at 96 if price action signals a long on the short term chart. I am going long at 89 with an automatic buy order regardless of the short term price action.
Oil is the chart above - Live cattle is the chart below
Source for data: http://www.investing.com/commodities/live-cattle-historical-data