Spring livestock Rally

This is Matt Rice with the Market Line Report for April 5th. We saw stronger numbers across the board in the livestock market as spring barbeque season helps drive prices higher. Jack Scoville explains more from the floor of the CME.

Scoville "Hi, stronger day in the cattle market. Market reacting to the cash market from last Friday, cash prices paid a little higher than what the trade had expected and actually higher than the nearby futures contract. Causing some buying in the April Live cattle and also in the June live cattle as well. Ideas are that this could be the sign that the market is ready to start its seasonal rally, spring is usually some time to see some higher prices for cattle as we start getting into the barbeque season and perhaps that's getting under way. Plus chart wise the market has been testing some support areas."

Chicago May Wheat ended yesterday dn 1 at 475. May corn ended the day up ½, at 354 ¼. Portland prices for soft white wheat of 10 ½ % protein for April were unch- dn 1, ranging from 5-42 to 5-54 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for April were dn 2 ½, ranging from 5-52 ¼ to 5-55 ¼. DNS wheat with 14 % protein, prices for April were up ¼, ranging from 6-24 ¼ to 6-29 ¼. April Live Cattle closed yesterday up 22 ½ cents, at 132.90. April Feeder cattle were up 47 ½ cents, at 156.35. April class III milk was dn 6 cents, at 13-74.