Video Alert and PDF: Learn from a Market Veteran (Free!)
Jim Prince, 25-year commodity market veteran, just posted a 3+ minute video about a recent move in the commodity markets. Watch it now, and he'll send you a free companion PDF and an email reminder every time he posts a new Daily Alert video.
See the markets Jim is watching each day
Get a free companion PDF that explains his "Cycle Trading" method
Learn how to identify chart formations that indicate potential breaking commodity markets
Watch Jim analyze actual charts in his videos, pointing out formations and signals
All you need to do to watch today's video and get the PDF is confirm here:
Cattle futures were sharply lower with some contracts off more than $2 today. Feeders also posted steep losses, with several contracts down $2 or more.The selling appeared to be profit taking ahead of the USDA Cattle on Feed report. The COF report had Oct. 1 cattle on feed at 99.5% of a year ago, just below the average of trade expectations.Placements were at 101% of a year ago, and marketings were 99.5%.The trade had been looking for about 102% and 99% respectively. Cash cattle trade developed at $170 in TX and NE, up as much as $6 from last week. Wholesale prices were lower today, with Choice off $2.02 and Select off 83 cents from the previous day. Estimated weekly slaughter including Saturday is 576K head, 11K larger than last week, but 43K head smaller than a year ago. YTD slaughter is off 7.1%.The weekly Commitment of Traders report from the CFTC showed managed money accounts taking a net 776 contracts out of their net long position, which now sits at 109,356 contracts.
Oct 14 Cattle closed at $168.250, down $0.800,
Dec 14 Cattle closed at $166.900, down $2.200,
Feb 15 Cattle closed at $166.550, down $2.300,
Oct 14 Feeder Cattle closed at $237.900, down $2.325
Nov 14 Feeder Cattle closed at $234.650, down $2.050
Jan 15 Feeder Cattle closed at $228.900, down $2.075