Cattle Demand Weak
Cattle markets continue their unprecedented volatility on Monday. This time limit down in both live and feeder markets. From her home trading office in Chicago, here’s Virginia McGathey.
McGathey… “Let's start with live cattle. The short term demand is really weak. With the restaurant closures and all the food service demand really in sharp decline, it's difficult to find where any kind of domestic demand or even world demand can actually come from. So there's very big pressure put on the futures right now. It seems like that shift higher that happened last week was really short lived and now we're back on the decline. There's also some concerns about some of the plant closures, and that's really from the coronavirus.”
Chicago May Wheat futures yesterday closed down a penny and a half to $5.55.
Kansas City Hard Red Winter Wheat up $0.02 to $4.94.
May Corn closed down just a quarter of a cent to $3.31 ½.
Portland prices for soft white wheat of ordinary protein up a nickel to $6.10.
Club Wheat of Ordinary Protein also up $0.05 ranging from $6.10 to $7.85.
Dark Northern Spring wheat prices down as much as $0.15 ranging from $6.62 ½ to $6.87 ½ for 14% protein.
Live Cattle futures back down $3 on the June board to $81.37 ½. Feeder Cattle for May down $4.50 to $114.45.
Class III milk for May fell another $.45 to $10.98.