Cattle Prices Weaken

I'm Matt Rice with the Market Line Report for November 17th. Retail Cattle prices are predicted to drop in the near future as we prepare for Thanksgiving, turkey trades expect to significantly increase but cattle prices should even out after next week. Jack Scoville shares his thoughts from the floor of the CME.

Scoville- "Livestock Markets under some extreme selling pressure again today. Live cattle, feeder cattle, and live hogs all at one time trading limit down. Live cattle and live hogs limit down for much of the session, live cattle pretty much for the entire session. There's really no hope for the protein market what so ever right now, the cash prices, when they finally did surface for the cattle auctions on Friday came in at sharply lower prices."

Chicago December Wheat ended yesterday dn 1 3/4, at 493 1/2. December corn ended yesterday up 1 3/4, at 360 even. Portland prices for soft white wheat of ordinary protein for Nov, were dn 1 3/4, ranging from 4-94 to 5-45 even. Hard Red Winter wheat with 11 ½ % protein, prices for Nov. were up 2, ranging from 5-67 1/2 to 5-82 1/2. DNS wheat with 14 % protein, prices for Nov. were up 1/2, ranging from 6-09 3/4 to 6-54 3/4. Dec. live cattle closed yesterday dn $3, at 127.67 1/2. Nov. Feeder cattle were dn $2.12 1/2, at 172.95. Nov. class III milk was unchanged at 15-41.