Cattle Surge Higher
These limit moves in the cattle markets have a lot of us wondering which way it will go. Standard Grain’s Joe Vaclavik explains on the “Grain Markets and other Stuff” Podcast.
Vaclavik… “We saw nothing but upward movement in boxed beef prices. It's almost kind of similar to the wheat conversation with the bread aisles being cleared. You've seen enormous retail demand and I guess it's people that are stocking up, hoarding, whatever you want to call it. You go to the grocery store and that beef counter is empty. Well, it is in my neighborhood, at least. That's part of it. So you've seen a big surge in boxed beef and, and the futures market has realized that the cash is strong, the boxes are strong, and futures are out of whack. And that's why we've seen consecutive days of limit up trade and in a big rally in the cattle market.”
Chicago May Wheat futures yesterday down a penny to $5.61 ½.
Kansas City Hard Red Winter Wheat up a penny and a quarter to $4.90 ½.
May Corn up $0.03 ½ to $3.47 ¼.
Portland prices for soft white wheat of ordinary protein unchanged on the day ranging from $6.00 to $6.05.
Club Wheat of Ordinary Protein also unchanged at $6 to $7.80.
Dark Northern Spring wheat up another $0.04 ¾ ranging from $6.70 to $7.05 for 14% protein.
Live Cattle futures up another limit $4.50 on the April board to $106.15. Feeder Cattle up the expanded limit of $5 to $130.22 ½.
Class III milk didn’t move yesterday closing where it opened at $16.08.