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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 planking 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 and feeder futures settled higher yesterday. The COF report came out at 11AM CDT today showed 0.81% more cattle on feed than a year ago as of April 1. Placements were 95.38% of year ago, and Marketings came in at 92.18% of a year ago. Overall the report is friendly. The cold storage report showed beef supplies as of April 30 were 118.5% of year ago, but down about 1% from the previous month. Cash cattle traded from $160 to $161 in NE and KS, with dressed sales reported at $253. Wholesale beef prices were lower in the morning reports with Choice boxes averaging $1.42 lower and Select boxes off $1.32. WTD slaughter estimated at 453K head is on par with last week.