Holiday's Bring Demand

This is Matt Rice with the Market Line Report for Dec. 2nd. The livestock market started the morning session off higher, but after the books came to a close prices had settled once again. Here's Scott Shellady with the of the CME trading group in Chicago to explain more on the Livestock market.

Shellady "Happy December, happy holiday season. The markets are starting to trade that way as well, if it wasn't for President elect Trump there might not be any volume right now. Having said that, the cattle market has been kind of quiet here, we opened up a little higher today. It looked kind of good here in the beginning, we've had chatter about the holiday season. I always get surprised those that get surprised by hot weather in July, and snow in January and I guess we get surprised by demand over the holidays. I guess that's something that we weren't planning on, so that the market had some stories on why we were higher but then ultimately began fizzling out."

Chicago May Wheat prices closed the day dn 6 ¾, at 408 ¾. Chicago May Corn prices were dn 5 ¾, to close the day at 350 ¾. Portland prices for Soft White Winter Wheat of ordinary protein for May were dn 6 ¾-Unch, ranging from 4-43 ¾ to 4-85. Hard Red Winter Wheat with 11.5 % protein, future prices for March were dn 7 ¼, ranging from 4-93 to 4-88. DNS Wheat with 14 % protein, prices for March were up 4-7, ranging from 6-43 ½ to 6-56 ½. April Live Cattle closed the day dn 50 cents, at 111.07 ½. April Feeder cattle were dn 10 cents, at 123.50. Feb. class III milk was up 28 cents at 16-80.