Live Cattle and Feeder Futures Strong

I’m KayDee Gilkey with the Market Line Report for March 28, 2013. Reporting from the Washington Cattlemen’s 20th Annual Bull Sale in Eltopia where sale prices are going strong.?
Because we are focusing on beef today will report more details on the cattle futures which found early support from news of steady cash cattle trade in Texas Tuesday. Futures extended gains on anticipation of follow-up trade of at least steady if not $1 to $2 higher. From the floor of the CME Group, Joe Vaclavik shares his observations of Wednesday’s markets.

Vaclavik: “Livestock markets were mixed today. We saw live cattle up and feeder cattle up sharply and saw the hog market lower. There are a few things that are going to happen tomorrow. First we’ve got a big USDA report that will affect the grain market. Could have an effect on the cattle market either way depending on how it ends up.”

Chicago May Wheat ended Wednesday up 5 and 1/2 cents at 7-36 and 3/4. May corn ended the day up 5 cents at 7-35 and 1/4.??Portland prices for soft white wheat and club wheat were up 1 and 3/4 to 5 cents at mostly 8-52 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 5 and 1/2 cents at mostly 9-14. DNS wheat with 14 pct protein prices were mixed down 7 and 1/2 to up 2 and 1/2 cents at mostly 9-57. ??April live cattle were up $1.40 Wednesday at 127-35. April Feeder cattle were up $1.80 at 140-40. April class III milk was up a nickel at 17-47.