Cattle Markets Strong to End the Week
Cattle was the story on Friday as both the live cattle and the feeder cattle futures were up sharply. From the floor of the CME in Chicago, here’s Viriginia McGathey.
McGathey… “Cattle all limit up; the market is virtually limit up. The market was really, really strong today. The futures fall was just too far too fast, and that oversold conditions and the long weekend ahead just had traders scrambling the cover their shorts. Now, feeders were also flying high. Sales were $2 to $3 higher giving big support and driving the beef complex completely. And it definitely turning back the trend up. The feeders were really the one leading that beef complex lower, but it looks like it's definitely up and a lot stronger right now.”
In closing markets:
Chicago March Wheat futures down a penny and a half on Friday to $5.42 ½.
Kansas City Hard Red Winter Wheat down just a half cent to $4.65 ½.
March Corn closed down $0.01 ½ to $3.77 ½.
Portland prices for soft white wheat of ordinary protein mostly unchanged ranging from $6.25 to $6.30.
Club Wheat of Ordinary Protein also steady ranging from $6.23 to $7.95.
Dark Northern Spring wheat down a penny and a quarter ranging from $6.60 ½ to $6.95 ½ for 14% protein.
Live Cattle futures strong to end the week. Up $1.80 on the April board to $120.32 ½. March Feeder Cattle fared even better up $2.20 to $138.52 ½.
Class III milk closed out the week down $0.11 to $17.01.