Wheat Rallies and Cattle Soften Slightly on Friday
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.