Wheat Rallies and Cattle Soften Slightly on Friday

I’m KayDee Gilkey with the Market Line Report for May 5, 2014.

 

USDA Market and Livestock Reporter Greg Sanders shares the sharp increase in feeder cattle futures last Thursday as a high point of last week’s cattle market.

Sanders: “Well the market really shot up yesterday on the futures market — not sure if you watch it or not. Everybody got really excited and all the feedlots around here started contracting calves yesterday morning for fall delivery bringing $190 at 650 weights on the steers and $184 on the heifers weighing 600 pounds for October November delivery. The 850 weights brought up to $170 and the heifers at $165 to $167 weighing in the 800 range.

Chicago July Wheat ended Friday up 8 and 3/4 at 7-16. July corn ended the day down 7 and 1/2 cents at 4-99 and 1/2.

Portland prices for soft white wheat were up 8 and 3/4 to a dime at mostly 7-97 and 1/4. White club wheat prices were up 10 to 17 and 1/4 cents at mostly 8-57 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 17 and 3/4 cents at mostly 9-10. DNS wheat with 14 percent protein prices were up 13 and 3/4 cents at mostly 9-12.

 

June live cattle were down $1.20 on Friday at 138.05. August Feeder cattle were down 15 cents at 190-32 and half. June class III milk was 27 cents at 21-55.