Meat Market Update

I'm Matt Rice with the Market Line Report for November 18th. The livestock market saw some big drops all across the board, especially in feeder cattle where prices dropped over $3/lb. Here's Oliver Sloup with the livestock market update from the floor of the CME in Chicago with II Trader.

Sloup- "I'm Oliver Sloup with your meat market update. Not a very pretty day across the board, live cattle, feeder cattle, and lean hogs all trading considerably lower. Live cattle pressing the limits, which is something that seems like it hasn't happened for a while, but in reality it's only been a few sessions. We've been reiterating the short side for a long time, I know there's a lot of bottom pickers out there but you're going to want to be very cautious."

Chicago March Wheat ended yesterday dn 1/2, at 480 3/4. March corn ended yesterday up 4 1/2, at 370 3/4. Portland prices for soft white wheat of ordinary protein for Jan, were up 2, ranging from 4-84 to 5-30 even. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. were dn 1/2, ranging from 5-60 1/2 to 5-70 1/2. DNS wheat with 14 % protein, prices for Dec. were up 2 1/4, ranging from 6-28 to 6-48. Dec. live cattle closed yesterday dn $1.55, at 118.42 1/2. Jan. Feeder cattle were dn $3.32 1/2, at 144.37 1/2. Dec. class III milk was down 3 cents, at 14-50.