Cattle Looking For More Demand

This is Matt Rice with the Market Line Report for April 6th. Cattle looking for more demand after yesterday's market saw prices closing in the red. Virginia McGathey explains more from the floor of the CME in Chicago.

McGathey "Tuesday in the livestock market has cattle down, I think the cattle... the front month, is down limit in feeder they are 2 months down limit. Right now it just looks the demand is really sluggish, any demand in the grocery stores has been lukewarm at best. The USDA report came out and it has a lot of traders and investors worried, they are basically stepping to the sideline and waiting to see some true demand, a real look to see there is some more demand coming in."

Chicago May Wheat ended yesterday dn ¾ at 474 ¾. May corn ended the day up 2 ¼, at 357. Portland prices for soft white wheat of 10 ½ % protein for April were unch- dn ¾, ranging from 5-42 to 5-54. Hard Red Winter wheat with 11 ½ % protein, prices for April were dn 1 ¾, ranging from 5-50 ½ to 5-53 ½. DNS wheat with 14 % protein, prices for April were dn 4 ½, ranging from 6-19 ¾ to 6-24 ¾. April Live Cattle closed yesterday dn $2.52 ½ cents, at 130.20. April Feeder cattle were dn $4.05, at 152.42 ½. April class III milk was dn 3 cents, at 13-73.