Dead Cat Bounce

I'm Tom Allen with the Market Line Report . Livestock seeing another dead cat bounce as prices rise in both live and feeder cattle as we near the holidays. We go to Todd Horwitz from the floor of the CME, as he goes over his strategy on the cattle market regarding the ups and downs we are expected to see over the next week and a half.

Chicago March Wheat ended yesterday dn 2 ¼, at 468 1/2. March corn ended yesterday dn ¾ at 3-65. Portland prices for soft white wheat of ordinary protein for Jan, were up slightly 1 1/2, ranging from 4-72 to 5-30. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. were steady to up 1, ranging from 5-51 1/2 to 5-61 1/2. DNS wheat with 14 % protein, prices gained a little, up 1 1/4 ranging from 6-08 to 6-38. Dec. live cattle closed yesterday up $3 at, 128.60. Jan. Feeder cattle take another gain, up $4.32 ½ at 162.97 1/2. Jan. class III milk was dn 5 cents, at 13-36.