Feeders Lead Cattle Higher
Wheat was up sharply on Thursday, and the cattle rally continues, led mostly by the feeder cattle market. Virginia McGathey has more.
McGathey… “Cattle is higher today. There's been some renewed buyer support. It looks like we're having somewhat of a supply squeeze, and that's really underpinning the futures and kind of giving it a lift, and it looks like it's very possible that it could be long-term. And the reason I say that is because feeders are surging. Now, they're coming off a limit up move, and there has been some significant placement reductions. That's what really sparked it all.”
In closing markets:
Chicago July Wheat futures yesterday closed up $0.10 to $5.14 ½.
Kansas City Hard Red Winter Wheat up $0.12 ¼ to $4.64.
July Corn closed up $0.07 to $3.27 ½.
Portland prices for soft white wheat of ordinary protein up as well ranging from $6.00 to $6.10.
Club Wheat of Ordinary Protein a nickel higher ranging from $6.10 to $7.75.
Dark Northern Spring wheat prices up $0.06 ranging from $6.24 ¼ to $6.79 ¼ for 14% protein.
Rolling to August on the Live Cattle up $0.45 to $101.17 ½. Feeder Cattle for August up $1.47 ½ to $135.50.
Class III milk yesterday down $0.03 to $17.90.