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 planning 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.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Live cattle futures closed 75 cents to $1.075 higher on Friday. Feeders settled the Friday trade with gains of 42.5 cents to $1.30, with now-front month Aug16 feeders the strongest. That contract was still $1.22 lower on the week. The CME feeder cattle index for 5/26 was down $1.51 to $146.09. Cash cattle trade on Friday recorded dressed sales from $195 to $205, and live sales from $122 to $126. According to the USDA, choice boxed beef prices were down 65 on Friday to $222.07 (-$3.89 Fri to Fri), and select boxes were $1.69 lower to $201.57 (-$6.85 Fri to Fri). Estimated weekly FI cattle slaughter was 586,000 head, down 1,000 head from last week. Beef production last week was pegged at 475.6 million pounds, down just slightly from the week before. Managed money reduced their CFTC net long position by 1,661 contracts in live cattle during the week ending May 24, and increased their net short position by 1,200 contracts in the feeders. As of the close last Tuesday, live cattle accounts held a net long position of 30,972 contracts, while feeders held a net short position of 3,884 contracts.