Livestock Rally Again

I'm Tom Allen with the Market Line Report. Livestock rally again. We go to Todd Horwitz from the floor of the CME, to explain his position.

Horwitz- "Livestock looks like a big short covering rally coming to the end of the year. Unusual but I think what has happened here is that we have gotten some weather forecast that looks like we are going to get some pretty serious weather. From a trading perspective these are levels you would want to sell. "

Chicago March Wheat ended yesterday dn 6, at 469 1/4. March corn ended yesterday dn 3 ¾ at 3-58 3/4.

Portland prices for soft white wheat for Jan, were dn 6, ranging from 4-69 to 5-30. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. were at 5-55 1/2. DNS wheat with 14 % protein, prices gained a little, ranging from 6-12 ¼ to 6-32 1/4.

Dec. live cattle closed yesterday up $2.80 at, 135.00. Jan. Feeder cattle were up $3.47 1/2 at 166.75 Jan. class III milk was up 5 cents, at 13-57.