Cattle Market Up

This is Matt Rice with the Market Line Report for Dec. 23rd. Traders in the cattle industry anxiously await the feed report coming out Friday. The beef market has been surprisingly stronger after many producers thought we were in a downward spiral earlier this fall. Let's check in with Virginia McGathey from the floor of the CME in Chicago, as she covers the Livestock Report.

McGathey "I'm Virginia McGathey here on the floor at the CME Group, reporting to you on the livestock market. We've got a little bit going on today, we had some consolidation that turned into a little bit of 2 way trading. Right now the futures trade is really slow as the holiday approaches and traders are kind of positioning for the cattle on feed report on Friday. So some of the cattle trade itself has stalled, you know feed yard operators, and meat packers are digging in the heels on price and they're still pretty far apart and that, but there has been some activity and that's giving rise to the markets and pushing their way up."

As we take a look at those Chicago markets, July wheat prices closed the day dn 2 ½, at 424 ¼. Chicago July Corn prices were dn 1 ¼, to close the day at 360 ¼. Prices in Portland for Soft White Winter Wheat of ordinary protein for April were steady, ranging from 4-39 to 4-52. Hard Red Winter Wheat with 11.5 % protein, future prices for April were up 1, at mostly 5-06. DNS Wheat with 14 % protein, prices for March were steady, ranging from

6-48 to 6-63. April Live Cattle closed the day up $1.20, at 115.00. April Feeder cattle were up 37 ½ cents, at 126.30. Feb. class III milk was up 10 cents at 17-00.