The cattle markets both the live and the feeders are trying to reconcile with the spike in boxed beef as plants open back up. The volatility continues, this time to the downside. Here’s Virginia McGathey.
McGathey… “That cash activity is very slow right now. The volatility in the futures is coming from the uncertainty. Now, feeders did fall today as well that WASDE report did confirm the beef struggle, and it's because of the beef prices have been surging and they continue to create the gap between all the boxed beef prices and wholesale prices versus retail prices. And at some point in time they're going to snap back. And that's why the market is kind of moving ahead of the game. There is still plenty of uncertainty right now. We weren't limited down, but we were down pretty good.”
In closing markets:
Chicago July Wheat futures yesterday closed up just a half a cent to $5.02 ¼.
Kansas City Hard Red Winter Wheat down $0.02 ½ to $4.51 ½.
July Corn closed down a half cent to $3.17 ½.
Portland prices for soft white wheat of ordinary protein was mixed yesterday ranging from $6.00 to $6.15.
Club Wheat of Ordinary Protein mixed as well ranging from $6.15 to $7.75.
Dark Northern Spring wheat prices trending lower, now ranging from $6.13 to $6.68 for 14% protein.
Live Cattle futures closed up $0.25 on the June board to $94.12 ½. Feeder Cattle for August dropped $2.02 ½ to $131.05.
Class III milk with another strong day yesterday up $0.75 to $16.10.