Cattle Looking For More Demand

I'm Matt Rice with the Market Line Report for Jan. 21st. Cattle on the down slide over the day, producers looking for more demand from the market. Here's Todd Horwitz with the Livestock Market update from the floor of the CME in Chicago with Bubbatrader.com.

Horwitz- "Wednesday's Livestock, very similar to the Grain Markets. What did we see, we see cattle coming down, now here we go this is what we are looking for. Live cattle kind of met the objective of what we were looking for on the downside. Lets see the action here, I don't want to buy it on the way down. I want to see what happens, around here but now I'm on target. We came all the way back from $1.37 down here to $1.27, this is an area I want to look for a day or two. If it gets away from me, no worries but that's what we're looking for. Feeders, I think have a little more room come down on the downside but they are also under pressure as well."

Chicago March Wheat ended the day dn 3, at 472 1/4. March corn ended yesterday up 1, at 367 3/4. Portland prices for soft white wheat of ordinary protein for Jan were dn 3, ranging from 5-30 to 5-31 ½. Hard Red Winter wheat with 11 ½ % protein, prices for Jan. were dn 5 1/2, ranging from 5-52 ¼ to 5-62 ¼. DNS wheat with 14 % protein, prices for Jan. were dn 1 ½, ranging from 5-97 3/4 to 6-19 ¾. Feb. Live cattle closed yesterday dn $1.27 ½, at 128.02 1/2. Jan. Feeder cattle were dn 55 cents on the day, at 156.00. Jan. class III milk was unchanged, steady at 13-75.