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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 lower at midday. October futures expire today, and are about $1 lower than yesterday’s life of contract high as the spec longs get out. Cash cattle trade is still not well defined, with some trade in Kansas at $168 down $1-2 from last week. Asking prices appear to be in the $170-172 range elsewhere. Estimated week to date FI slaughter at 439K head is 10,000 below last week and 46,000 less than the same point a year ago.Weekly US beef export sales reported on Thursday were the largest since last spring.Wholesale beef prices were reported lower this morning on relatively light volume, with Choice boxes averaging $1.58 lower, and Select boxes off 24 cents.