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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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Live cattle futures are currently trading from 15 to 37 cents higher at midday. Feeder cattle are trading with most contracts up more than a dollar on the session. A few cash cattle trades in Texas and Kansas reported prices of $145-$147. The CME Feeder Cattle Index for 7/27 is $214.83, off 87 cents. The USDA morning report shows wholesale beef prices higher. Choice boxes are 52 cents higher at $232.67, while select boxes are up 27 cents at $229.14. Estimated week to date slaughter as of Tuesday close was 215K head, about 8K lighter than a week ago. Cash cattle activity has mostly consisted of accumulating show lists.