Livestock Market Demand Rising

This is Matt Rice with the Market Line Report for Wed. Nov. 2nd. Livestock producers enjoying some demand as stockers begin saving up for the upcoming holidays, forcing prices higher over the day. Here's Scott Schellady from the floor of the CME in Chicago to share more on the beef market.

Schellady "Hi, I'm Scott Shellady here on the CME Group floor here in Chicago and lets talk about live cattle. Sometimes I think it's funny when we do the rounds and we some inestors get surprised by cold weather in Jan. or hot weather in August. Well it looks like live cattle market got a little spooked by the holidays coming up, and surprised by the holidays coming up. The retailers kind of stocking up on all types of meat, getting ready for obviously Thanksgiving, Christmas, and The New Years. So, surprised by the holidays is kind of the story that was going around this morning."

Chicago May Wheat prices closed yesterday dn 2 ¼, at 445 ¾. May corn ended the day dn 2 ½, at 364 ½. Portland prices for soft white wheat of Ordinary Protein for March ended the day dn 2 ¼ ranging from 4-71 ½ to 4-96 ½. Hard Red Winter wheat with 11 ½ % protein, prices for March were dn 1, ranging from 5-06 ½ to 5-21 ½. DNS wheat with 14 % protein, prices for Feb. were dn 7 ¾ ranging from 6-25 ¾ to 6-30 ¾. Feb. Live Cattle were up $2.32 ½, at 106.57 ½. March Feeder cattle were up $4.40 at 116.77 ½. Dec. class III milk was up 15 cents at 16-03.