Cattle Continues to Climb
Expanded limits on Thursday for live cattle and feeders, still wasn’t enough. Live cattle futures were up limit again to that’s another $4.50 on the June board to $93.97 ½. Feeder cattle cattle for August up another $5.40 to $138.15. In other words, this cattle market seems to be wanting to roar back with plants re-opening and box beef demand still strong.
Corn also getting a bump on Thursday on some wetter concerns. Scott Shellady has details.
Shellady… “A threat of a freeze and the Eastern belt here is the beginning of maybe mother nature coming to the rescue. We've had such a bad hard time of it as of late. When it comes to these prices and corn being attached to that ethanol market and ethanol being, again, 33% of what we use, or 33% of the corn balance sheet. If we don't use it for ethanol, it's coming back in the corn market and that's not going to be good. So that's why we've seen such a steep decline. And hey, today we're higher. And it's on the back of the fact that maybe mother nature is coming to the rescue here a little bit, and we've got a little bit of a freeze here. I don't think it'll amount to a lot. But it's definitely amounted to corn higher on the day.”
That corn market closed up $0.03 ½ for July to $3.18.
Not a whole lot of movement in the wheat markets; most up about a penny.
Class III Milk fell $0.32 on the June board to $13.30