Choppy Livestock Session

This is Matt Rice with the Market Line Report for April 1st. The Quarterly USDA livestock report has producers on the edge of their seat, cattle trying to stay above the 100 and 50 day moving average to keep prices up. Oliver Sloup explains more from the floor of the CME Group, with II Trader.

Sloup "Kind of a choppy session, as the April options look to go off the board tomorrow. We saw big option buyer come into the market in those April options. $1.30 strikes specifically, there was several hundred if not a couple thousand bought. So someone was putting a very bearish bet, obviously we traded a little bit lower in that April contract to start the day, but are since coming up and I wouldn't be too surprised to see that April contract end above $1.33."

Chicago May Wheat ended yesterday up 9 ½ at 472. May corn ended the day dn 15 ½, at 350 ½. Portland prices for soft white wheat of 10 ½ % protein for March were unch- up 9 ½, ranging from 5-38 to 5-35 ½. Hard Red Winter wheat with 11 ½ % protein, prices for March were up 10 1/2, ranging from 5-51 ¼ to 5-56 ¼. DNS wheat with 14 % protein, prices for March were up 14 ¼, ranging from 6-19 ½ to 6-29 ½. April Live Cattle closed yesterday up 57 ½ cents, at 132.82 ½. April Feeder cattle were up $4.50, at 157.07 ½. April class III milk was up 2 cents, at 13-84.