Warm Weather Brings Rally In Livestock

This is Matt Rice with the Market Line Report for March 16th. Warmer weather has played a positive role in the beef industry, as consumers buy more steaks, cattle prices continue to rally. Virginia McGathey gives us the details from the floor of the CME in Chicago.

McGathey "Tuesday in the livestock market, let's begin with cattle. We've had a weeklong rally that still looks really good. There has been some profit taking now and then, but today still very strong as we see some of the grocery stores have picked up some of the pace on the purchasing. The warm weather that spread across the country has really sparked the market and producers are very happy to see that people are going to the grocery stores and buying more steaks and burgers."

Chicago May Wheat ended the day up 1 ½, at 477. May corn ended the day dn ¼, at 368 ¼. Portland prices for soft white wheat of 10 ½ % protein for March were unch- dn 6 ½, ranging from 5-38 to 5-47 ¼. Hard Red Winter wheat with 11 ½ % protein, prices for March were dn 5, ranging from 5-59 to 5-69. DNS wheat with 14 % protein, prices for March were dn 2, ranging from 6-19 ¼ to 6-24 ¼. April Live Cattle closed yesterday up $1.42 ½, at 140.67 ½. March Feeder cattle were up $1.92 ½, at 164.05. April class III milk was dn 3 cents at 13-79.