I realize there aren't many commodities traders on here, so this is mostly for myself and my own journal.
I see a long opportunity in the Cattle market and hope to see a possible move to at least 110 in the weeks ahead. Cattle has been beaten down recently due a number of reasons. The main reasons I see are tariffs, declining profits due to the increased price of corn, and an emerging trend in preformed vegetable matter aka "beyond meat".
I believe the tariff situation with China should start moving in a positive direction by the end of this month, and also the USMCA trade agreement with Mexico and Canada will almost certainly be ratified, which should increase the exports of US beef. My main reasoning behind this trade is mostly a belief that cattle is now at bargain prices and presenting a buy opportunity.
Target = 110.00
SL = 102.40
Trade closed: stop reached
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Unfortunately, my stop was hit and my trade was closed. Although I still see the beef market recovering soon, I don't want to take the risk of trying to find the bottom.