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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 steady to $0.20 lower. The trade tried to fade the bullish USDA COF report from Friday, but everything from December forward was higher. The Cattle Inventory report showed beef cow numbers down 2.5% vs. 2 years ago, with replacement heifers also down 2.4%. There was no July report in 2013 due to budget cuts, thus the 2 year comps. This was supportive to feeder cattle futures. Wholesale beef prices were higher, with Choice boxes up $1.92 at $259.30 (record high) and Select up $1.84 at $256.17. USDA pasture condition ratings continue to slip seasonally, with 52% rated good/ex vs. 53% last week but still better than the 44% a year ago.