Cattle Fall Once Again

Cattle Fall Once Again

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for Thursday Oct 14th. Cattle prices continue to drop even further . Let's go to Virginia McGathey, from the floor of the CME to hear more on the livestock market.

MacGathey "Today in the cattle market showed a little bit of a dismal low. It had definitely another new low yet again. On a new wave of selling, the anticipation that the lower cash prices are going to be here by Friday, really put some serious pressure on the market. It looks like the trend is still lower and the next target could be 97.10, I believe is the number, very difficult time right now. The USDA report and the grains was actually very bearish of the all the grains from soybeans, corn, and wheat."

Chicago May Wheat prices closed yesterday up 18 ½, at 448 ¾. May corn ended the day up 12 ¼, at 366 ¼. Portland prices for soft white wheat of Ordinary Protein for Feb. ended the day dn 8 ½ - 14 ¾, ranging from 4-95 to 5-09 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for Feb. were up 15 ¾, ranging from 5-06 to 5-21. DNS wheat with 14 % protein, prices for Feb. were up 9 ¼, ranging from 6-31 ¾ to 6-49 ¾. Feb. Live Cattle were dn $1.57 ½, at 97.85. Jan. Feeder cattle were dn $2.72 ½, at 111.17 ½. Dec. class III milk was dn 14 cents at 15-08.

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