Cattle Still Weak

This is Matt Rice with the Market Line Report for June 7th. Live and feeder cattle trading higher compared to some of the cash futures, but prices down after yesterday's market came to a close. Jack Scoville Shares more on the livestock market, from the floor of the CME in Chicago.

Scoville "Hi, live cattle and feeder cattle trading lower over the course of the day. Mostly based off of some disappointment from the live auction market trade last Friday. Prices really not what the market had been hoping for and the volumes trade really not what the market was hoping for either. There was some reports this morning that there was some outlier prices up to $1.32 being paid, but really prices were generally in the upper $1.20's and that's really not what the market was expecting."

Chicago July Wheat prices closed yesterday up 10 ¼, at 507. July corn ended the day up 9, at 427. Portland prices for soft white wheat of 10 ½ % protein for June had a mixed market dn 4 ¼ and up 10 ¼, ranging from 5-28 to 5-62 ½. Hard Red Winter wheat with 11 ½ % protein, prices for June were up 7 ½, ranging from 5-56 ½ to 5-71 ½. DNS wheat with 14 % protein, prices for June were up 6 ¾, ranging from 6-36 ¼ to 6-51 ¼. June Live Cattle closed yesterday dn $1.22 ½, at 120.42 ½. Aug Feeder cattle were also dn $1.15, at 144.52 ½. June class III milk was up 9 cents at, 13-25.