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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 and feeder futures were mostly higher on the day ahead of the monthly Cattle on Feed and Cold Storage reports from the USDA.COF on November 1 were 100.45% of a year ago, placements were 99.12%, and marketings were 92.23% of what they were at this point last year.The average pre-report trade expectations were for 99.5%, 95.8% and 93.1% respectively, so it was bearish on paper.Beef stocks in cold storage were 85.18% of a year ago, and were up 0.19% from the previous month.The CME Feeder Index came in at $240.11, up 14 cents. Wholesale beef prices were lower on the day with the Choice boxes averaging 17 cents lower than yesterday, and Select boxes down $1.06 from Thursday.Choice beef added $3.06 since last Friday, and Select picked up $3.64 during the week. Some $172 cash cattle trade occurred today, with $268 in the carcass market. As of the Tuesday close, managed money accounts were shown to have added about 6% to their net long position in the weekly report from the CFTC.
Dec 14 Cattle closed at $170.900, up $0.650,
Feb 15 Cattle closed at $172.150, up $0.325,
Apr 15 Cattle closed at $170.425, up $0.125,
Jan 15 Feeder Cattle closed at $236.350, up $0.775
Mar 15 Feeder Cattle closed at $234.450, up $0.725
Apr 15 Feeder Cattle closed at $234.600, up $0.650