Bullish Cattle Market

This is Matt Rice with the Market Line Report for June 2nd. Cattle trading higher on the day with some key levels to keep an eye on as today's prices indicate which path cattle will take. Todd Horwitz explains why he considers this to be a bullish market, from the floor of the CME in Chicago.

Horwitz "Wednesday's livestock, we see moderate prices a little bit lower in feeders, more flat in the live cattle and little bit higher in the hogs. Overall I think this is much to be expected here, we are in some very key spots here as we look out to August. Live cattle in August, $1.17 seems to be the battle ground. We stay above it and I think we have a chance to go higher. I do think we are going higher overall already anyways, but I wouldn't be surprised to see a sell-out, but if we can just hold $1.17."

Chicago July Wheat prices closed yesterday up 9 ¼, at 473 ½. July corn ended the day dn 9, at 413 ¾. Portland prices for soft white wheat of 10 ½ % protein for June were up 9 ¼ to 8 ¾, ranging from 5-33 ¾ to 5-43 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for June were up 8 ¾ to 2 ¾, ranging from 5-31 to 5-40. DNS wheat with 14 % protein, prices for May had a mixed market dn 1 ½ and up 8 ½, ranging from 6-08 ¾ - 6-33 ¾. June Live Cattle closed the day up 32 ½ cents, at 121.40. Aug Feeder cattle were dn 67 ½ cents, at 146.32 ½. June class III milk was up 7 cents at, 12-86.