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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.
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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Cattle futures were higher on Friday and for the week. The nearby live cattle contract gained 34 cents and feeders were up 19 cents on the week. The Cattle on Feed report leaned bearish overall, and opening calls are $1.00 lower. The USDA found 10.8 million head in feedlots on April 1, almost unchanged from a year ago. However, the trade was looking for a reduction of 1%-2%. Placements during March, at 1.81 million head, were 100.44% of last year and exceeded trade expectations for placements at 92-97% of last year. At 98.3%, March marketings were the lowest since the series began in 1996. The average price of Choice boxed beef dropped $3.02, taking the average to $256.99 and Select fell $3.42, to $247.62. The Commitment of Traders Report from the CFTC showed managed money accounts lightening up their net long position in cattle by about 6.2%. They reduced their longs and added some shorts.