Active Cattle Market

This is Matt Rice with the Market Line Report for April 13th. Cattle trading higher this morning, but by the afternoon prices had dwindled down falling into the red. Jack Scoville, vice president of price futures group explains more from the floor of the CME in Chicago.

Scoville "Hi, disappointing trade in the cattle market, both the feeder cattle and live cattle closing lower after rallying a little bit for the first part of the day. Overall the disappointing price actions seem to be related as much to the price actions in the grains following the USDA reports, as anything else. However, it is likely for live cattle we are starting to get close to setting a seasonal floor. This is the time to see cash prices and futures prices start to rally as we go into the summer growing season."

Chicago May Wheat ended yesterday up 5 ¼, at 452. May corn ended the day up 6, at 363 ¼. Portland prices for soft white wheat of 10 ½ % protein for April were up 10 ¼ - unch, ranging from 5-32 ½ to 5-42. Hard Red Winter wheat with 11 ½ % protein, prices for April were up 3 ½ - 13 ½, ranging from 5-24 ¼ to 5-37 ¼. DNS wheat with 14 % protein, prices for April were up 6 ¼ - 11 ¼, ranging from 6-11 ½ to 6-21 ½. April Live Cattle closed the day dn 55 cents, at 133.40. April Feeder cattle were dn 27 ½ cents, at 155.10. April class III milk was up 5 cents, at 13-81.