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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 futures continue their back and forth pattern, and are showing triple digit losses this morning after a 4 day rally. The CME feeder cattle index for Friday was $206.24, down $1.48. The Choice boxed beef average price in the afternoon report was $248.67, up $1.09 from Friday, but Select prices averaged 12 cents lower. Cash activity is nil.Some asking prices have been reported at $162 in the south, with $255-259 in the north.Wholesale beef prices are mixed this morning, with choice up $1.03, while select 600-900 pound carcasses are quoted 47 cents lower at $244.98.