Feeder Cattle Inching Up

This is Matt Rice with today’s Market Line Report for Tuesday. Feeder Cattle trading slightly higher at the end of day, but unsteady demand has traders moving forward cautiously. Let’s go to Virginia McGathey with the CME Group to hear more.

McGathey “Cattle was firm, there’s been sluggish cash trade and that’s a concern for traders right now. We did extend the market a little bit lower today, but it came back somewhat. Traders are really looking for anything positive that can be found in the market, but the cash market and box beef values are a little bit weaker so that’s adding some pressure.“

Chicago Wheat prices for Dec. closed yesterday up 3 ½, to finish at 552 ¼. Dec. Corn dn 1 ½, to finish the day at 357 ¾. Kansas City Hard Red Winter Wheat prices for Dec. were up 3, to close at 475 ¼.

Portland prices for soft white wheat of Ordinary Protein for Oct. ended the day Unch, ranging from 5-25 to 5-42. Hard Red Winter Wheat with 11 ½ percent Protein, prices for Oct. were up 3, ranging from 6 -20 ¼ to 6-35 ¼. DNS wheat with 14 % protein, prices for Oct. were up ¼, ranging from 6-39 ½ to 6-64 ½.

Live Cattle for Oct. were up $.40, closing at 105.30. Oct. Feeder cattle up $.45, to finish the day at 140.62 ½. Oct. Class III milk was up $.22, at 17.84.