Cattle Searching For Demand

This is Matt Rice with the Market Line Report for Sept 12th. Cattle trending higher over the day, but still looking for more demand. Let's go to Jack Scoville to hear more about the livestock commentary from the floor of the CME in Chicago.

Scoville "Hi, its been a higher day in the livestock pits here today with lower prices trading here in the hogs. The livestock market, the feeder market, the cattle market, saw a reversal day on Friday and we've seen some follow through buying here today. No real news based off the USDA Reports from the supply and demand estimates. Those estimates look to remain mostly neutral, but ideas are that the market has become so desperately oversold and after the Oct. traded below a dollar briefly last week the markets done nothing but take over some short covering."

Chicago Dec. Wheat prices closed yesterday up 5 ¾, at 409 ½. Dec. corn ended the day Dn 1 ½, at 340 even. Portland prices for soft white wheat of Ordinary Protein for Dec. ended the day up 10 to unch, ranging from 4-75 to 4-91. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. were up 5 ¼, ranging from 5-08 ¾ to 5-18 ¾. DNS wheat with 14 % protein, prices for Dec. was up 5, ranging from 5-94 to 6-09. Feb. Live Cattle were up $1.25, to finish the day at 106.77 ½. Nov. Feeder cattle were up $1.20, to close the day at