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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 settled $0.20 lower to $0.07 higher.Feeders settled $1.32 to $1.42 higher.Wholesale beef prices set new all time highs, with Choice boxes up $2.04 at $261.34 and Select up $2.86 at $259.03 in the afternoon report. The choice/select spread has narrowed to only $2.30.Cash trade is not expected until later in the week. Asking prices appear to be $168-170 in the south and $266-269 in the north. Week to date slaughter is 223,000 head vs. 229,000 last week and 242,000 at the same point in 2013.
Aug 14 Cattle closed at $158.775, down $0.200,
Oct 14 Cattle closed at $159.075, up $0.075,
Dec 14 Cattle closed at $159.150, unch,
Aug 14 Feeder Cattle closed at $221.425, up $1.425
Sep 14 Feeder Cattle closed at $222.450, up $1.350
Oct 14 Feeder Cattle closed at $222.125, up $1.325