Cattle Searching For Demand

This is Matt Rice with the Market Line Report for July 12th. Cattle looking for demand to replenish as we saw prices dwindling yesterday. Let's check in with Jack Scoville from the floor of the CME in Chicago with the USDA as he explains his predictions for the cattle market.

Scoville "Hi, it's been a sharply lower day in the cattle market with live cattle and feeder cattle both sharply lower to limit down for most of the day. Really some demand fears, ideas are that we really need to get the demand ramped up. A little of that based off they would rather live auction markets that we have late last week. Prices were a little bit lower and the actual amount of cattle traded was really not all that big."

Chicago July Wheat prices closed yesterday dn 4 ½, at 416 ¼. July corn ended the day dn 6, at 344. Portland prices for soft white wheat of Ordinary Protein for July were up 15 to unch, ranging from 4-90 to 5-20. Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 4 ½, ranging from 4-86 ¾ to 4-96 ¾. DNS wheat with 14 % protein, prices for July were dn 1 ¼, ranging from 5-74 ¾ to 5-89 ¾. Aug Live Cattle taking a fall today, dn $2.87 ½, at 109.22 ½. Aug Feeder cattle falling even further off the tracks, dn $4 today, at 139.22 ½. July class III milk was unch at 15-20.