Beef Take Big Hit To Start New Year

This is Matt Rice with today’s Market Line Report for Tuesday. Cattle having a hard time finding their footing as we kick off the new year, feeders taking the blunt of it. Let’s go to Virginia McGathey with the CME Group to hear more.

McGathey “ .”

Chicago Soft Red Winter Wheat prices for March closed the day up 1 ½, to finish at 642. March Corn was dn ¼, to close at 483 ¾. Kansas City Hard Red Winter Wheat prices for March. were dn 4, to settle at 599 ½.

Portland prices for Ordinary Club Wheat was up 20-18, ranging from 6-60 to 6-93. Portland Hard Red Winter Wheat with 11 ½ percent Protein, for March were dn 14 -4, ranging from 7-34 ½ to 7-64 ½. Soft white wheat of Ordinary Protein for March was Unch to up 15, ranging from 6-40 to 6-85. DNS wheat with 14 % protein, prices for Feb. were dn ¼, ranging from 7-19 to 7-24.

Live Cattle for Feb. were dn, $2.72 ½, closing at 112.30. March Feeder cattle were dn $4.20, to finish the day at 136.02 ½. Feb. Class III milk was dn $.37, at 17.12.