Can Feeder Cattle Bounce Off The Bottom?

This is Matt Rice with today’s Market Line Report for Tuesday. Have Feeder cattle finally hit the bottom or can we expect a similar trendline going into the week? Let’s go to Virginia McGathey with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for July closed the day dn 16 ¾, to finish at 718. July Corn was up 6 ¼, to close at 679 ½. Kansas City Hard Red Winter Wheat prices for July were dn 15, to settle at 688 ½.

Portland prices for Club Wheat with Ordinary Protein were Unch, Ranging from 7-05 to 7-90. Soft white wheat of Ordinary Protein for June was Unch, ranging from 6-70 to 7-90. Hard Red Winter Wheat with 11 ½ percent Protein, for June were dn 15, ranging from 8-03 ½ to 8-08 ½. DNS wheat with 14 % protein, prices for June were dn 5, ranging from 8-63 ¾ to 8-78 ¾.

Live Cattle for June were dn $1.27 ½, closing at 115.30. Aug Feeder cattle were up $.05, to finish the day at 146.80. June Class III milk was dn $.07, to settle at 19.79.