Livestock Seeing Slight Gains On The Day

I'm Matt Rice with the Market Line Report for Jan 13th. Today we saw hogs and cattle trading higher across the board, numbers on the gain once again. Todd Horwitz goes over USDA Livestock Commentary from the floor of the CME.

Horwitz- "Tuesdays Livestock, kind of mixed hogs having a very nice move today. Feeders moving up a little bit, but here's the bigger picture. Last week we said, live cattle we wanted to be sellers at $1.37, we are trading at $1.31. Feeders we said $1.68, we're trading at $1.60. Hogs you said you wanted to be a buyer at 60, they are trading at 62. So understand we are only trading off the technical parts and aspect of the charts here. We're not worried about all the news that's flowing around, because if you do that you're going to drive yourself insane."

Chicago March Wheat prices ended the day up 12 1/4, at 479 1/2. March corn ended yesterday up 5, at 355 1/2. Portland prices for soft white wheat of ordinary protein for Jan. were up 1, ranging from 5-30 to 5-41 1/4. Hard Red Winter wheat with 11 ½ % protein, prices for Jan. were up 18 1/2, ranging from 5-65 3/4 to 5-79 3/4. DNS wheat with 14 % protein, prices for Jan. were up 13 3/4, ranging from 6-12 to 6-32. Feb. live cattle closed the day dn 62 1/2 cents, at 132.07 1/2. Jan. Feeder cattle rebounded prices up 77 ½ cents, at 160.05. Feb. class III milk was up 11 cents, at 13-62.