Cattle Market Hovering

This is Matt Rice with the Market Line Report for March 3rd. Very uneventful day in cattle after yesterday's market came to a close. Same story, prices testing the volatility level while demand continues to directly reflect the cattle market industry. Todd Horwitz explains his thoughts from the floor of the CME, in Chicago.

Horwitz "Wednesday's livestock, we see almost part 2 of complacency. Markets have really been non eventful, not actually moving, hovering near their highs in cattle and mid-range in hogs. Overall, I think you want to look at $.138, which is the up run on live cattle. I think the first spot that you might see a little bit of support is $1.36, then $1.34, but I think the real target where we want to get in is $1.32."

Chicago March Wheat ended the day up 4 ¼, at 443. March corn ended the day up ¾, at 354 ¼. Portland prices for soft white wheat of 10 ½ % protein for March were up 9 ½, ranging from 5-43 to 5-45 ¼. Hard Red Winter wheat with 11 ½ % protein, prices for March were up 5 ½, ranging from 5-35 to 5-45. DNS wheat with 14 % protein, prices for March were up 3 ¼, ranging from 5-88 ½ to 6-03 ½. April Live Cattle closed the day dn 80 cents, at 136.37 ½. March Feeder cattle were up 25 cents, at 158.22 ½. March class III milk was up 11 cents, at 13-67.