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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 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.
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Live cattle futures traded mostly 10 to 30 cents yesterday, with front month Feb16 22 cents higher. Feeders were 92 cents to $1.425 lower. The CME Feeder Cattle Index for 2/3 was down 46 cents from the previous day to $159.68. Cash cattle trade has been mostly inactive for the first four days of the week, but a few live sales of $134 were reported on Thursday. The USDA reported that choice and select boxes were each up 46 cents on Thursday, to $223.03 and $218.48 respectively. WTD FI slaughter was estimated at 392,000 head, down 52,000 head from last week, and 38,000 head smaller than the same week in 2015. Actual slaughter during the week ending 1/23 was 575,317 head, down just 1% from the same week in 2015. Average dressed weights were up 4 pounds from the week before at 835 pounds.