Will Re-Opening Help Live Cattle Markets?
Cattle doesn’t seem to be moving much. Traders are watching the re-opening closely to see if beef values will hold as processing capabilities catch up. Virginia McGathey has more.
McGathey… “Cattle was steady. Those opening futures drops really fought back. And I think that tells us that there might be a little more strength in the market than we've been seeing as of late. But lower cash prices don't necessarily dictate where we're going to be this week. But that big bounce, I think, tells a lot. So as we watch the economies open, if the restaurants that open, even if it's just outdoor seating kind of thing, if we can get a little bit of an uptick in demand, it could change the dynamics of certainly the beef complex.”
In closing markets:
Chicago July Wheat futures yesterday closed up $0.02 ½ to $5.04 ½.
Kansas City Hard Red Winter Wheat went the other way down $0.02 ½ to $4.45 ½.
July Corn closed down a half cent to $3.29 ¼.
Portland prices for soft white wheat of ordinary protein up a nickel yesterday ranging from $5.85 to $6.00.
Club Wheat of Ordinary Protein jumped $0.15 on the low end of that range which is now $6.00 to $7.60.
Live Cattle futures were up $0.67 ½ on the August board to $96.00. Feeder Cattle for August up just $0.07 ½ to $131.17 ½.
Class III milk yesterday rallied yesterday up $0.73 to $19.27.