Cattle Move in a Positive Direction
Cattle markets looking a little more positive in Wednesday’s trade. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey … “It's been good news really across the board. Cattle was on the rise. That spot month traded $3 above that support level, which really tells us that the market has made a nice turn to the upside. That expected domestic demand should spark some new buying out of commercials. That's really helping a lot of traders have much more confidence. Technically the market is recovering from yesterdays late sell off. Even though we didn't make it higher on the day, I think that it's a very positive today that we recovered as well as we did.”
In closing markets yesterday:
Chicago May Wheat futures closed down $0.09 to $5.18 ¼.
Kansas City Hard Red Winter Wheat down $0.05 to $4.53 ¼.
May Corn was up $0.03 ½ to $3.85.
Portland prices for soft white wheat of ordinary protein unchanged yesterday still ranging from $5.93 to $6.00.
Club Wheat of Ordinary Protein also unchanged on the day ranging from $5.93 to $7.75.
Dark Northern Spring wheat prices up $0.04 ½ to $0.09 ½ ranging from $6.64 ¼ to $6.99 ¼ for 14% protein.
Live Cattle futures were up $1.17 ½ on the April board to $111.27 ½. Feeder Cattle up as well. $1.77 ½ to $135.55.
Class III milk yesterday down $0.07 on the day yesterday to $16.01.