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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 planning 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 were mostly 30 to 57.5 cents higher today. Feeders posted triple digit gains in the front three contracts with help from the drop in feed grains. The CME Feeder Cattle Index for 5/2 was 11 cents higher to $143.43. Cash cattle trade recorded a few dressed sales from $188 to $192 on Monday. Last week, average prices for live cattle were down $3.00 week/week, and down $6.00 for dressed. Choice boxed beef prices were down $3.83 in the USDA afternoon report, and select boxes lost $2.94. At $205.94 and $197.02 respectively, these are the lowest prices reported for boxed beef during 2016. Week to date USDA FI slaughter was estimated 1,000 head smaller than a week ago, and 3,000 head smaller than the same period a year ago.
Jun 16 Cattle settled at $116.375, up $0.575,
Aug 16 Cattle settled at $114.350, up $0.625,
Oct 16 Cattle settled at $114.325, up $0.750,
May 16 Feeder Cattle settled at $143.400, up $1.975
Aug 16 Feeder Cattle settled at $143.050, up $1.550
Sep 16 Feeder Cattle settled at $142.500, up $1.075