Cattle Market Stabilizing

This is Matt Rice with today’s Market Line Report for Wednesday. The cattle market seems to be stabilizing but with grains climbing higher and corn hitting new highs, feed will continue to be a factor in the beef market. Let’s go to Virginia McGathey with the CME Group to hear her thoughts.

McGathey“ .”

Chicago Wheat prices for Dec. closed the day dn 2 ¼, to finish at 629 ¾. Dec. Corn up 5, to close at 413 ¾. Kansas City Hard Red Winter Wheat prices for Dec. were dn 1 ¼, to settle at 569 ¾.

Portland prices for Club Wheat were Unch, closing at 6-20. Hard Red Winter Wheat with 11 ½ percent Protein, for Jan. were dn 1, ranging from 7-22 to 7-27. Soft white wheat of Ordinary Protein for Jan. ended the day Unch, ranging from 5-90 to 6-30. DNS wheat with 14 % protein, prices for Jan. were up 3 ¼, ranging from 7-16 ¼ to 7-26 ¼.

Live Cattle for Dec. were dn $.87 ½, closing at 104.57 ½. Jan. Feeder cattle were up $.37 ½, to finish the day at 131.15. Nov. Class III milk was dn $.58, at 20.91.