Beef Looking For More Demand

I'm Matt Rice with the Market Line Report for December 15th. Cattle showing some bigger drops in the market today, feeder cattle leading the decline. The beef market struggles as they continue to look for more demand, which could come after the New Year. We go to Jack Scoville with more, from the floor of the CME.

Scoville- "The Market is disappointed by the demand side, in the cattle market. Beef demand hasn't really surfaced here, and prices remain high on the retail level. Retail have kept the retail demand to a minimum, the consumer just isn't buying too much beef because it's a very expensive item, they're more likely to buy poultry or pork."

Chicago December Wheat ended yesterday up 5, at 488 3/4. December corn ended yesterday up 8 3/4, at 381. Portland prices for soft white wheat of ordinary protein for Jan had a mixed market dn 6 & up 3, ranging from 4-93 1/2 to 5-28. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. also had a mixed market dn 4 ½ & up 5 1/2, ranging from 5-58 to 5-78. DNS wheat with 14 % protein, prices for Dec. were up 2 3/4, ranging from 6-30 1/2 to 6-50 ½. Dec. live cattle closed yesterday dn $2.65, at 118.80. Jan. Feeder cattle took a hit, dropping $4.50, at 147.62 1/2. Dec. class III milk was up 2 cents at 14-58.