Disappointing Day In Cattle Market

I'm Matt Rice with the Market Line Report for December 8th. Both live and feeder cattle are taking the biggest hits in the livestock markets. Jack Scoville goes over the market from the floor of the CME.

Scoville- "Hi, livestock markets are trading sharply lower here today. Cattle and feeder cattle the main weakness, and both did trade limit down at one point during the day. Only to the bounce off the limit losses and still trade sharply lower. Cash markets last week, the livestock market did trade steady to lower prices and that's not really a good reason to see the cattle as weak as it's been."

Chicago December Wheat ended yesterday dn 1, at 471 1/4. December corn ended yesterday dn 7 3/4, at 368 1/4. Portland prices for soft white wheat of ordinary protein for Jan had a mixed market dn 1 ¾ and up 5, ranging from 4-82 3/4 to 5-35. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. were dn 6, ranging from 5-54 1/2 to 5-74 1/2. DNS wheat with 14 % protein, prices for Dec. were dn 6, ranging from 6-24 1/2 to 6-54 1/2. Dec. live cattle closed yesterday dn $2.90, at 121.37 1/2. Jan. Feeder cattle were took a dip, dn $3.95, at 155.50. Dec. class III milk was up a penny, at 14-62.