Strong Cattle Market

I’m KayDee Gilkey with the Market Line Report for June 24, 2013.

On Friday I was at the Oregon Cattlemen’s Mid-year meeting and 100th Celebration in Baker City. So today we will focus the comments on the beef market. Live and feeder cattle futures posted strong daily gains Friday to end the week higher. Futures were supported by short-covering and position squaring as traders prepared for what they expected to be a bullish Cattle on Feed Report. From the floor of the CME Group, Frank Lesh shares his observations of Friday’s markets.

Lesh: “August live cattle up about 170 points and since it’s Friday we’ll take a look at where we are on the week cattle up 340 points this week.

Chicago July Wheat ended Friday down 2 and 1/2 cents at 6-98. July corn ended the day down 11 and 1/2 cents at 6-61 and 3/4.??Portland prices for soft white wheat and club wheat were down 2 and 1/2 to 2 and 3/4 cents at mostly 7-51. Hard Red Winter Wheat with 11.5 pct protein prices were down a half of a cent to 1 1/2 cents at mostly 8-68 and 1/2. DNS wheat with 14 pct protein prices were down 2 and 1/2 to 12 and 1/2 cents at mostly 9-13 and 1/2. ??August live cattle were up Friday $1.60 at 121-60. August Feeder cattle were up $2.50 at 146-92 and half. July class III milk was down 13 cents at 17-79.