Packers Profit Again

This is Matt Rice with today’s Market Line Report for Friday. Cattle continue to find resistance in the market as packers near record high profits once again. Let’s go to Terry Roggensack with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for Dec. closed the day up 13 ¾, to finish at 7-39 ¼. Dec. Corn was dn 1, to close at 5-50 ¾. Kansas City Hard Red Winter Wheat prices for Sept. were up 13 ¼, to settle at 7-28 ¼.

Portland prices for Club Wheat with 10 ½ % Protein were Up 95 to 25, ranging from 10-70 to 12-85. Soft white wheat with 10 ½ % Protein for Oct. were up 56 to Unch, ranging from 10-60 to 10-80. Hard Red Winter Wheat with 11 ½ percent Protein for Sept. were up 13 ½, ranging from 8-45 ½ to 8-85 ½. DNS wheat with 14 % protein, prices for Oct. were up 8 ½ to 3 ½, ranging from 10-46 ½ to 10-56 ½.

Live Cattle for Oct. were dn $.70, closing at 129.60. Sept. Feeder cattle were dn $1.00, to finish the day at 168.27 ½. Sept. Class III milk was dn $.29, to settle at 17.07.