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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 closed higher on Tuesday, up 35 to 80 cents. Feeders finished lower, off 7 to 35 cents on the day. The CME cash feeder index for the July 6 average was $220.22, down $1.59. There was no reportable cash cattle trade, with much of the new sales expected to take place during the middle to end of the week. The USDA reported average wholesale beef prices that were sharply lower again today. Choice boxes lost $2.98 and select boxes were off $2.83 from Monday. WTD slaughter is estimated at 214,000 head, which is 13K head below the total from a week ago and the same week a year ago.
Aug 15 Cattle closed at $151.300, up $0.800,
Oct 15 Cattle closed at $154.000, up $0.525,
Dec 15 Cattle closed at $154.825, up $0.350,
Aug 15 Feeder Cattle closed at $216.900, down $0.075
Sep 15 Feeder Cattle closed at $215.225, down $0.350
Oct 15 Feeder Cattle closed at $213.800, down $0.250