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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 were lower on the day as June took over as the front month and posted a loss of 52.5 cents; it was down more than $2 for the week.May feeder cattle futures were also posted a loss on the week, but the picked up 65 cents on the day in their debut as the lead month. Choice boxed beef lost $2.26 today, and was off $2.35 for the week.Select boxes averaged just 83 cents lower today, but were down $4.40 from Friday to Friday.Estimated weekly FI slaughter was 566K including Saturday.That is 22K head more than last week, but 44K head less than a year ago.Cash cattle traded at $160-162 on Friday. The weekly Commitment of Traders report from the CFTC had managed money accounts adding about 12.6% to their net long in live cattle futures and options.
Jun 15 Cattle closed at $149.175, down $0.525,
Aug 15 Cattle closed at $147.825, down $0.275,
Oct 15 Cattle closed at $149.600, down $0.075,
May 15 Feeder Cattle closed at $213.625, up $0.650
Aug 15 Feeder Cattle closed at $215.075, up $0.375
Sep 15 Feeder Cattle closed at $214.700, up $0.775