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 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.
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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Cattle futures are sharply higher at midday, with most contracts showing triple digit gains. Feeders are rallying again today with most contracts at least $2 higher, and some trading more than $3 higher. The change in daily trading limits yesterday put a bid under the Feeder Cattle market. Choice boxes of wholesale beef are sharply lower this morning, down $3.12, and Select boxes are off 19 cents from Thursday morning; which took the spread down to $8.70 in the AM report. Cash cattle trade is light, especially in the >80% choice category. Some sales were reported from $157 to $160 in clean up trade. Traders are looking for the Cattle on Feed report this afternoon to show modest expansion vs. December 2013, with the average On Feed estimate at 101.2% of year ago. Marketings in November are thought to have been down 9% or more.