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 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.
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 closed almost $3 higher while most feeder cattle contracts posted even larger gains. February futures were forced higher, as the real prospect of buying cash cattle above $160 to delivery against $158 futures chased out some shorts. The Feb contract expires today. The CME feeder cattle index reported for Feb. 25 is $208.27, down 34 cents. The Choice boxed beef price continued its rally and ended the day at $247.03, up 54 cents, but Select boxes stalled as their average was off 3 cents on the day. Week to date slaughter is 417,000 head, up 1K from a week ago, but off 31K head from the same period a year ago. Weekly export sales reported this morning were 13,900 MT making a third week over 13,000 out of the past four. Cumulative sales since Jan 1 are 18.5% over the same time last year.