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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 and feeder cattle futures were sharply higher Tuesday, with October cattle up $2.825 after touching limit up. The afternoon wholesale report did not support the rally, with choice boxes off 12 cents and select boxes down a penny. Estimated week to date slaughter is 215K head, about 8K lighter than a week ago. Cash cattle activity has mostly consisted of accumulating show lists.