Small Bounce In The Livestock Market

I'm Matt Rice with the Market Line Report for November 12th. We are seeing a bit of a bounce from the recent drops, but numbers are predicted to continue to fall as we look into the future. Todd Horwitz shares his thoughts from the floor of the CME.

Horwitz- "Wednesdays Livestock trade, what we got is kind of what we expected. A little bit of a bounce off of the bottom, trying to push up the limits. Not getting there but of course limits are expanded today. Overall I think you want to look to be a seller, feeder cattle somewhere around $1.77. I think this is a great level, again I think these are nothing more than dead cat bounces and we're looking for a lot lower prices. Live cattle, I think you want to look at $1.34 - $1.35 if we can back there, I don't even think we can get back there, again you want to be a seller."

Chicago December Wheat ended yesterday up 4, at 496. December corn ended the day up 3 3/4, at 362 1/4. Portland prices for soft white wheat of ordinary protein for Nov, were up 4, ranging from 4-94 3/4 to 5-50 even. Hard Red Winter wheat with 11 ½ % protein, prices for Nov. were up 3 1/2, ranging from 5-64 3/4 to 5-79 1/4. DNS wheat with 14 % protein, prices for Nov. were up 4 1/4, ranging from 6-06 3/4 to 6-51 3/4. Dec. live cattle closed yesterday up $3, at 131.32 1/2. Nov. Feeder cattle were up $3.80, at 175.35. Nov. class III milk was down a penny, at 15-45.