Futures Traders: Get FREE daily videos covering today's hottest market
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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Live cattle futures saw triple digit gains on Thursday, with the exception of the nearby June contract. Preliminary open interest was down -2689 contracts on the rally. Some shorts were taking money off the table ahead of the weekend. Feeders were also triple digits higher yesterday, excluding the expiring May contract. The CME feeder cattle index for 5/25 was down 93 cents to $147.60. We saw some cash cattle activity on Thursday, with live trades running $122-125 and carcass based at $195-198. Wholesale beef prices were lower in the pre-holiday lull. Choice boxed beef prices were 85 cents lower in the pm report, with select boxes down $1.82. Week to date FI cattle slaughter is running behind last week by 1000 head at 447,000.