Bullish Cattle Market

This is Matt Rice with the Market Line Report for Nov. 22nd. The live cattle market seems to be following a "bullish" trend, as we work our way towards the $1.12 mark. Let's go to Virginia McGathey as she goes into more detail from the floor of the CME in Chicago.

McGathey "I'm Virginia McGathey here on the floor of the CME group, reporting on live cattle, today the market continues to rally. We had some solid gains off last week's gains, Friday after the close there was the cattle on feed report that was actually bullish, showing 5 % lower than we were at last year at this time that did give the market a little bit of a boost. I think that's also continue to help the rally move higher."

Chicago May Wheat prices closed the day up 1 ½, at 439 ¾. May corn ended the day up 4 ¼, at 364 ¼. Portland prices for soft white wheat of Ordinary Protein for March ended the day unch to up 1 ¾, ranging from 4-65 to 4-92. Hard Red Winter wheat with 11 ½ % protein, prices for March were up 1, ranging from 5-07 to 5-22. DNS wheat with 14 % protein, prices for March were dn 2 ¾, ranging from 6-23 ¾ to 6-41 ¾. April Live Cattle closed the day up 62 ½ cents, at 109 50. April Feeder cattle were dn 80 cents, at 119.57 ½. Jan. class III milk was up 6 cents at 16-39.