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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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Cattle futures were sharply higher on the day, with most contracts settling with triple digit gains mostly between $1.45 and $2.57.Feeders were also rallying today with most contracts closing at least $3 higher, and the October 2015 contract posted a $4.475 gain today. January feeders were down 2.42% for the week. Wholesale beef prices were lower in the PM report with Choice boxes coming in with a weighted average $3.38 lower than yesterday, and Select boxes down 44 cents. For the week they lost 2.6% and 1.8% respectively.Cash cattle trade was light this week, especially in the >80% choice category.Some sales were reported from $157 to $160 in clean up trade. Weekly estimated slaughter including Saturday is 552,000 head, 17K head smaller than last week and 65K head smaller than the same week a year ago.The Cattle on Feed report this afternoon showed cattle on feed December 1 were 101.42% of a year ago.November placements were at 96%, and November marketings were 88.9% of what they were a year earlier.
Dec 14 Cattle closed at $160.750, up $2.050,
Feb 15 Cattle closed at $160.100, up $1.575,
Apr 15 Cattle closed at $159.675, up $1.475,
Jan 15 Feeder Cattle closed at $220.150, up $3.075
Mar 15 Feeder Cattle closed at $217.975, up $4.200
Apr 15 Feeder Cattle closed at $218.075, up $3.900