Cattle Under Pressure Once Again

This is Matt Rice with the Market Line Report for Oct 11th. Just when we thought the beef market was starting to recover, prices came crumbling back down. Let's go to Virginia McGathey, as she explains more from the floor of the CME.

McGathey "The cattle market really tumbled to almost the same lows that we had just last week. The beef choice cutouts were all lower, the wholesale demand was really lackluster, all that information really put a huge pressure on the market and it went all the way to the bottom. It looked like the bounce off last week just could not be sustained, now we're looking at the technical and the short and long term trend is definitely looking very negative right now on the low side. Traders are really having difficulty finding anything positive.."

Chicago March Wheat prices closed the day up 9, at 424 ½. March corn ended yesterday up 3 ¾, at 353. Portland prices for soft white wheat of Ordinary Protein for Feb. ended the day up 10 ¼ - 3 ¾, ranging from 4-95 to 4-98 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for Feb. were up 4, ranging from 4-98 ½ to 5-13 ½. DNS wheat with 14 % protein, prices for Feb. were up 1, ranging from 6-26 ¼ to 6-44 ¼. Feb. Live Cattle were dn $2.82 ½, to finish the day at 100.87 ½. Jan. Feeder cattle were dn $2.65, at 115.67 ½. Dec. class III milk was dn 23 cents at 15-21.