Feeder Cattle Take Advantage of Lower Feed Prices

This is Matt Rice with today’s Market Line Report for Monday. As Corn prices slowed, Feeder Cattle took advantage of lower feed prices to rally nearly $2 ½ higher. 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 5 ½, to finish at 675 ½. March Corn was dn 2 ¾ to close at 531 ½. Kansas City Hard Red Winter Wheat prices for March. were up 6 ½, to settle at 643.

Portland prices for Ordinary Club Wheat were Unch, ranging from 6-93 to 7-30. Soft white wheat of Ordinary Protein for March was Unch, ranging from 6-70 to 7-10. Hard Red Winter Wheat with 11 ½ percent Protein, for March were up 6 ½, ranging from 7-78 to 8-08. DNS wheat with 14 % protein, prices for March were up 2 ¾, ranging from 7-63 ¼ to 7-73 ¼.

Live Cattle for April were up $.97 ½, closing at 118.20. March Feeder cattle were up $2.45, to finish the day at 135.82 ½. Feb. Class III milk was up $.32, at 19.23.