Cattle Remain Steady
Wheat jumped up to end the week last week, but cattle remained pretty range-bound. Traders didn’t get a chance to trade the reports, so today will be the first day to trade against that information.
Virginia McGathey has more on the cattle markets.
McGathey… “The longer term optimism is really giving the market some underlying support. You know, we've been in a channel for the live cattle and the feeder cattle for a number of months. And now we're at the high end. It looks like that there's some real market support. So let's see what the report says and where we go on Monday, but it could be a few positive things in spite of the fact that the virus is expanding and making it more difficult for some of the people out there in the U.S. But as long as demand is steady enough, I think that we can keep these features strong as where they are already.”
Chicago September Wheat futures jumped $0.10 to end the week to $5.39 ½.
Kansas City Hard Red Winter Wheat up $0.08 ¼ $4.49 ½.
September Corn closed down $0.01 ½ to $3.26 ¼.
Portland prices up slightly. Soft white wheat of ordinary protein now ranging from $5.78 to $5.80.
Club Wheat of Ordinary Protein now $5.78 to $7.55.
Dark Northern Spring wheat prices up $0.05 ¼ ranging from $6.10 ¼ to $6.30 ¼ for 14% protein.
Live Cattle futures were up $0.47 ½ on the August board to $101.32 ½. Feeder Cattle for August up just $0.02 ½ to $142.05.
Class III milk fell sharply on Friday. Down $0.75 to $21.75.