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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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Cattle futures are trading mostly lower on the day. Feeder cattle futures were all in positive territory this morning, but are now mixed from slightly higher to as much as 87.5 cents lower. January feeders are only a nickel higher at midday and they will expire at the end of the session. The CME index was at $215.25 for the 1/27 average. The cash cattle trade is still quiet this week with not enough sales to determine a trend for this week. Last week the bulk of the sales were at $160, and at $256 for the dressed. Wholesale beef prices came in lower this morning with Choice boxes averaging $245.41, down $1.88 from yesterday morning, and Select boxes were off $1.00 at $239.34. Net US beef export sales last week totaled 10,000 MT in the USDA report this morning, which was slightly higher than the total reported for the same week a year ago. YTD export commitments four weeks into January are 87.6% of what they were a year ago.