Cattle Clipping Along

This is Matt Rice with the Market Line Report for Wed, Aug 11th. Prices in the beef market have been trading strong over the past week, numbers continue to clip along. Here's Gary Kozlowski with Farr Financial explains more from the floor of the CME in Chicago with the USDA.

Kozlowski "Good afternoon, Gary Kozlowski with Farr Financial coming to you from CME. Let's take a look at the livestock for this afternoon. We're seeing that cattle has been on a slow but steady incline most of last weekend and this week and its really caught a lot of traders by surprise. That were thinking that the over production that we've been seeing, but we do have the holiday that's coming up. We've got Labor Day weekend, just a few weeks away. So the Packers are taking all of their orders in and it seems like the inventory is moving at a pretty good clip right now and the slaughter has been up."

Chicago Sept. Wheat prices closed yesterday up 4 ¾, at 420 ½. Sept. corn ended the day up ¼, at 322 ½. Portland prices for soft white wheat of Ordinary Protein for Aug. ended the day up 3-5, ranging from 4-90 to 4-95. Hard Red Winter wheat with 11 ½ % protein, prices for Aug. were up 1 ¾, ranging from 4-91 ¾ to 5-21 ¾. DNS wheat with 14 % protein, prices for Aug. had a mixed market up 3 and Dn 7, ranging from 5-86 ¼ to 6-01 ¼. Aug Live Cattle were dn 12 ½ cents, to finish the day at 116.80. Aug Feeder cattle were Dn 45 cents, to close the day at 149.90. Aug. class III milk was Dn 5 cents at 17-01.