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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 and feeder cattle futures have more than recovered the losses seen yesterday, with the nearby contracts up $3.00 and $4.50 respectively. The CME feeder cattle index for Tuesday is $206.66, up 27 cents. A few preliminary live bids surfaced in Kansas and Texas at $157, while sellers are still expecting more. Asking prices are in the $162 area. The Choice boxed beef cutout is down $1.03 at $248.58, but Select gained $1.92, and was at $247.23 in the afternoon report. Week to date cattle slaughter at 324,000 head is up 15,000 from last week but lags year ago by 8,000.
Apr 15 Cattle closed at $154.050, up $3.000,
Jun 15 Cattle closed at $146.325, up $2.650,
Aug 15 Cattle closed at $144.375, up $2.300,
Mar 15 Feeder Cattle closed at $207.225, up $4.500
Apr 15 Feeder Cattle closed at $204.375, up $4.500
May 15 Feeder Cattle closed at $202.775, up $4.500