Livestock Market Slowly Declines
I’m Matt Rice with the Market Line Report for September 10th. After yesterday’s rally on the livestock, we are seeing lower cattle prices in today’s market in both feeder and live cattle. Todd Horwitz shares his thoughts, from the floor of the CME.
Horwitz “Taking a look at the picture, of course we’ve seen lower prices on the day after yesterdays huge rally. As I’ve said all along, those huge rally’s those powerful rally’s, are rally’s to be sold on. We saw the result of that today. We see a lower market and I think we continue to see lower prices across the board. As we look at feeder cattle, we’re still in pretty severe backwardation. Indicating that prices are going to go lower, I wouldn’t be surprised to see us get down into the low $1.80’s maybe $1.70’s.
Chicago September Wheat ended yesterday up 3 1/4, at 466 3/4. September corn ended the day up 1 1/2 at 356 1/4.
Portland prices for soft white wheat of ordinary protein for September, are down 2 3/4, at mostly 5-31 1/4. Hard Red Winter wheat with 11 ½ % protein, prices for September are down 4 1/2, at mostly 5-62 1/2. DNS wheat with 14 % protein, prices for September were up 1/4, at mostly 6-16 1/4. October live cattle closed yesterday down 72 ½ cents, at 142.75. October Feeder cattle were up $1.25, at 198.27 1/2. October class III milk was down 8 cents, at 16-36.
