Hogs Rally

Hogs Rally

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for Dec. 9th. After yesterday's livestock market came to a close, the big story on the day came from the hog market, as prices rallied to numbers they haven't seen since August. Let's check in with Virginia McGathey as she covers the grain market from the floor of the CME in Chicago.

McGathey "Cattle opened in the market and kind of dipped and started to come back some, there has been some selling out there. A couple of things are happening, we did have a little bit of two way trade now. It's looks like the producers and the packers are kind of at a standoff here waiting for more product to come in, certainly they expect a lot more sales to come in today and tomorrow to kind of finish out the week."

As we take a look at those Chicago markets, May Wheat prices closed the day up 6 ¼, at 419 ½. While Chicago May Corn prices were dn 4 ½, to close the day at 361 ¼. Prices in Portland for Soft White Wheat of ordinary protein for April were up 6 ¼- unch, ranging from 4-53 ¾ to 4-71. Hard Red Winter Wheat with 11.5 % protein, future prices for April were up 4 ½, ranging from 4-96 ¼ to 5-01 ¼. DNS Wheat with 14 % protein, prices for April were up 1 ½, ranging from 6-33 ¾ to 6-58 ¾. April Live Cattle closed the day dn 37 ½ cents, at 110.12 ½. April Feeder cattle were dn 82 ½ cents, at 122.45. Feb. class III milk was up 4 cents at 16-70.

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