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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planning trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Live cattle futures were 65 cents to $1.30 higher yesterday, with the Aug16 contract the strongest. Feeders settled with gains of $1.72 to $2.25, as Apr16 feeders led the charge higher. The CME Feeder Cattle Index for 2/9 was down 27 cents to $159.49. Some cash cattle trade was reported on Wednesday, with live sales from $133 to $134. The USDA reported that choice boxed beef prices were up 16 cents on Wednesday to $218.19, and select boxes were just 2 cents higher to $213.62. Week to date FI slaughter was estimated at 323,000 head, 4,000 head larger than the same week in 2015.