Meat Market Update

I'm Matt Rice with the Market Line Report for Jan8th. The livestock market saw some big drops all across the board, especially in feeder cattle where prices dropped over $4.50/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 II Trader, and your meat market update. It's been a choppy week for the meats, and really taking it on the chin. As well, alongside the global markets across the board seeing a lot of weakness in China. Why do I bring up China? Because China is the number 2 economy in the world and they drive a lot of the supply fundamentals and a lot of commodities including the meat market."

Chicago March Wheat ended yesterday up 5 3/4, at 468. March corn ended yesterday down slightly just ¼, holding steady at 353. Portland prices for soft white wheat of ordinary protein for Jan, were up 5 3/4, ranging from 5-20 to 5-28 1/2. Hard Red Winter wheat with 11 ½ % protein, prices for Jan. were up 1 3/4, ranging from 5-47 1/2 to 5-77 1/2. DNS wheat with 14 % protein, prices for Jan. were up 5, ranging from 6-14 3/4 to 6-34 3/4. Feb. live cattle closed yesterday dn $3, at 133.52 1/2. Jan. Feeder cattle took a blow, prices dn $4.50, at 163.82 1/2. Dec. class III milk was up 5 cents, at 13-59.