Fat Cattle Up

This is Matt Rice with the Market Line Report for Thursday, Aug 4th. Cattle trading strong over in the last 48 hours, producers enjoying this bullish market as it continues on this path. Todd Horwitz explains his strategy from the floor of the CME in Chicago with the USDA.

Horwitz "Well I guess we've seen some nice movement here. We've seen fats moving up again and pushing to high levels here. Again, it's a beautiful rally off the bottom, it's the bottom we were looking for. Now it think just in the short term, I think we've seen a little too much moving to the upside. Look for $1.15 and $1.16, at that area in Oct. to hold it in. Look for a little retracement, I'd Say $1.14, $1.15 and that's an area I'd be looking to buy once again."

Chicago Sept. Wheat prices closed yesterday up 9, at 410 ½. Sept. corn ended the day up ¾, at 325 ¾. Portland prices for soft white wheat of Ordinary Protein for Aug. ended the day up 3 ¾ to unch, ranging from 4-70 to 4-90. Hard Red Winter wheat with 11 ½ % protein, prices for Aug. were up 15 ¾- 5 ¾, ranging from 4-92 ¼ to 5-12 ¼. DNS wheat with 14 % protein, prices for Aug. had a mixed market up 6 and Dn 9, ranging from 5-77 ½ to 5-87 ½. Aug Live Cattle were up 52 ½ cents, to finish the day at 116.70. Aug Feeder cattle were up $2 even, to close the day at 147.47 ½. Aug. class III milk was Dn 8 cents at 16-94.