Boxed Beef Prices Higher
Cattle prices in positive territory again to start the week. Boxed beef is in demand, but processing bottlenecks are an issue, says Virigina McGathey.
McGathey… “Cattle was rising. Those boxed beef prices continue to go higher. Feeders were sideways. That uncertainty is kind of like stalled the direction of the market. But that just tells us that they're not really convinced that the market is going to continue to go higher. So this little squeeze that we've been talking about, it could be short term. But boxed beef prices are higher and I think the market ready cattle is starting to pile up. So as soon as we get these plants open, we'll be able to start to move some of this meat through.”
In closing markets:
Chicago July Wheat futures yesterday closed up $0.03 to $5.19 ½.
Kansas City Hard Red Winter Wheat up $0.04 to $4.87.
July Corn closed down $0.03 to $3.15 ½.
Portland prices for soft white wheat of ordinary protein unchanged still $6.00 to $6.08.
Club Wheat of Ordinary Protein also unchanged $6.00 to $7.83.
Dark Northern Spring wheat prices up as much as $0.10 ranging from $6.18 ¼ to $6.68 ¼ for 14% protein.
Live Cattle futures were up $0.82 ½ on the June board to $88.07 ½. Feeder Cattle for August up $1.32 ½ to $128.97 ½.
Class III milk yesterday up $0.75 to $12.94.