Cattle Rally Comes To A Halt

This is Matt Rice with today’s Market Line Report for Monday. The Cattle market rally has a come to a halt as prices trending lower 3 days in a row. Virginia McGathey with the CME Group, explains.

McGathey “Now one thing to think about is the market really gapped a little bit lower here, this is the 3rd day in a row leading up to the on-feed report that came in on Friday. I think that it looks like everyone is giving back here a little bit. Now we know that we have been experiencing a rally for a quite a while in the beef complex overall and perhaps this is the correction that we were looking for earlier. “

Chicago Wheat prices for Dec. closed yesterday dn 7 ¼, to finish at 527 ¾. Dec. Corn up 4 ½, to finish the day at 345. Kansas City Hard Red Winter Wheat prices for Dec. were dn 10 ½, to close at 446 ¼.

Portland prices for soft white wheat for Oct. ended the day Unch to dn 3, ranging from 5-40 to 5-42. Hard Red Winter Wheat with 11 ½ percent Protein, prices for Oct. were dn 10 ½, ranging from 5-91 ¼ to 6-11 ¼. DNS wheat with 14 % protein, prices for Oct. were dn 9, ranging from 6-20 to 6-45.

Live Cattle for Oct. were dn $.62 ½, closing at 107.92 ½. Oct. Feeder cattle dn $2.45, to finish the day at 142.82 ½. Oct. Class III milk was up $.58, at 16.91.