New Lows For Live Cattle

This is Matt Rice with the Market Line Report for Thursday Oct 13th. Once again cattle reaching new lows, beef producers really struggling, experts predict more red numbers to come. Let's check in with 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 ."

Chicago May Wheat prices closed yesterday dn 8, at 429. March corn ended the day dn 8, at 353 ¾. Portland prices for soft white wheat of Ordinary Protein for Feb. ended the day dn 8 ½ - 5, ranging from 4-86 ½ to 4-95. Hard Red Winter wheat with 11 ½ % protein, prices for Feb. were dn 7 ¾, ranging from 4-90 ¼ to 5-05 ¼. DNS wheat with 14 % protein, prices for Feb. were dn 4, ranging from 6-22 ½ to 6-40 ½. Feb. Live Cattle were dn $1.02 ½, at 99.05. Jan. Feeder cattle were dn $1.27 ½, at 113.30. Dec. class III milk was up 24 cents at 15-15.