Bullish Cattle Market

This is Matt Rice with the Market Line Report for July 8th. The cattle market seems to be moving along very nice, producers eager with anticipation to see if we will keep moving up from here. Here's Oliver Sloup from the floor of the CME in Chicago with the USDA livestock report.

Sloup "Happy Thursday to you from the floor of the CME in Chicago, I'm Oliver Sloup With II Trader and your livestock update. Really trading a little bit of a choppy range here over the past couple of sessions here today. This holding true again yet again, $1.44 18 is going to be key for the bulls to keep an eye on for that feeder cattle contract. That's the 50 day moving average and we haven't achieved a close above that since March 3rd, so that's going to be a key level to keep an eye on."

Chicago July Wheat prices closed yesterday dn 3 ¾, at 410 ¾. July corn ended the day down ¼, at 336 ¼. Portland prices for soft white wheat of Ordinary Protein for July were unch, ranging from 4-75 to 5-03. Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 4 ½ to 2 ½, ranging from 4-66 ¼ to 4-82 ¼. DNS wheat with 14 % protein, prices for July were dn 6 ½ to 11 ½, ranging from 5-70 ¾ to 5-90 ¾. Aug Live Cattle closed the day dn $1, at 111.62 ½. Aug Feeder cattle were up 95 cents, at 143.15. July class III milk was up 4 cents at 15-18.