Livestock Continue Rally

This is Matt Rice with the Market Line Report for March 17th. Livestock prices finished yesterday on the gain, but we could be at the top of this bullish trend. Todd Horwitz explains more from the floor of the CME in Chicago.

Horwitz "Wednesday's livestock, we see higher prices once again and we are really pushing up. Are we trying to anticipate cattle on feed? I look at it from this standpoint, buying is really drying up, markets are drying up. Although I was bullish and looking for a better entry, I may want to take that trade to the short side here. I think we are getting to a point where I may want to take that trade to the short side here. I do not think the rally we are seeing right now is really all that sustainable."

Chicago May Wheat ended the day dn 6 ½, at 471. May corn ended the day dn ¼, at 367 ¾. Portland prices for soft white wheat of 10 ½ % protein for March were unch- up 6 ½, ranging from 5-38 to 5-40 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for March were 5 ¼, ranging from 5-53 ¾ to 5-63 ¾. DNS wheat with 14 % protein, prices for March were dn 3 ¾, ranging from 6-15 ½ to 6-20 ½. April Live Cattle closed yesterday up 82 ½ cents, at 141.57 ½. March Feeder cattle were up 47 ½ cents, at 164.37 ½. March class III milk was up 4 cents, at 13-83.