Cattle Futures Higher to Start the Week
Feeder cattle traded nearly limit up for much of the day yesterday. From the floor of the CME in Chicago, here is Virginia McGathey.
McGathey…”Cattle did rebound. That box beef values did a jump up and I think it's due to the expectation that there's going to be tighter supplies going forward, and it did get some support from feeders. Feeders were almost completely limit up of well over the $4 mark really across the board: from the front month even to some of the differeds and I think the cash market gains did give a lot of support. Now, there are some issues in Australia as well. If those things come to pass that we're going to be able to export even more, I expect that we're in for another surge to the upside.”
Grains not seeing the same gains as the cattle.
Chicago March Wheat futures started the week by closing down $0.04 ½ to $5.50.
Kansas City Hard Red Winter wheat up $0.02 ¼ to $4.77 ¼.
Monday March Corn closed down $0.01 ½ to $3.84 ½
Portland prices for soft white wheat of ordinary protein down slightly. Bids now range from $6.10 to $6.15.
Club Wheat of Ordinary Protein steady. Bids there range from $6.10 to $7.90
Dark Northern Spring wheat prices for Dec were up a hair yesterday ranging from $6.88 to $7.08 for 14% protein.
Live Cattle futures were up $2.55 to $127.27 ½ on the February board. Feeder Cattle the big winners of the day. Up $4 to $147.42 ½.
Class III milk up $0.04 on Monday to $16.97.