Cattle Prices In The Red Again

I'm Matt Rice with the Market Line Report for November 11th. Livestock numbers continue to fall into the red as we take a look at yesterday's prices. Todd Horwitz shares his thoughts from the floor of the CME.

Horwitz- "Tuesday's livestock, if you remember Howard Cosell and Joe Fraizer fight, down goes Frazier. After yesterday's limit down move, limit and half. I think we are going consistently lower here, and I think we are finally seeing what we were looking for. We are seeing now a major breakdown here in the entire space. As we go out in time prices are even cheaper, which continues to bring in that backwardation formula."

Chicago December Wheat ended yesterday down 11, at 492 3/4. December corn ended the day down 7 3/4, at 360 1/4. Portland prices for soft white wheat of ordinary protein for Nov, were dn 11, ranging from 4-90 3/4 to 5-50 even. Hard Red Winter wheat with 11 ½ % protein, prices for Nov. were down 13 1/4, ranging from 5-60 3/4 to 5-75 3/4. DNS wheat with 14 % protein, prices for Nov. were down 6 3/4, ranging from 6-02 1/2 to 6-47 1/2. Dec. live cattle closed yesterday down $2.62 1/2, at 129.30. Nov. Feeder cattle were down $3.90, at 173.22 1/2. Nov. class III milk was down 5 cents, at 15-46.