Cattle Joining The Rallies

This is Matt Rice with the Market Line Report for June 9th. Cattle futures finally climbing back in the saddle, but this rally could be short lived. Let's check in with Todd Horwitz from the floor of the CME in Chicago, with Bubbatrader.com.

Horwitz "Wednesday's livestock trade, you know I guess finally the livestock decided to participate with everything else that's been going ballistic, but really they're really not. We've been watching some very key levels, if you look at live cattle we've been watching that $1.17 level, we've been on both sides of that in the last week or so and I think that action will continue. Yes, we're having a very nice rally today but again we are just back above $1.17 from coming from below it. So I think you want to watch this overall, I'm very bullish to space and I think we are going higher, but I think you got to watch and let the markets dictate to you when the right times are to get in."

Chicago July Wheat prices closed yesterday up 10 ½, at 517 ½. July corn ended the day up 3 ½, at 429. Portland prices for soft white wheat of 10 ½ % protein for June were unch to up 10 ½, ranging from 5-55 to 5-84 ½. Hard Red Winter wheat with 11 ½ % protein, prices for June were up 2 ¾ - 7 ¾, ranging from 5-62 ¾ to 5-82 ¾. DNS wheat with 14 % protein, prices for June were up 9 ¼, ranging from 6-45 ½ to 6-65 ½. June Live Cattle closed yesterday up $1.80, at 122.95. Aug Feeder cattle were up $1.92 ½, at 147.22 ½. June class III milk was up 10 cents at, 13-23.