Beef Market Outlook

This is Matt Rice with today’s Market Line Report for Tuesday. The Feeder Cattle Market looks promising as the new year starts, but what can we expect going forward? Let’s go to Virginia McGathey with the CME Group to learn more.

Chicago Soft Red Winter Wheat prices for March closed the day dn 12 ¾, to finish at 7-58. March Corn was dn 4, to close at 5-91. Kansas City Hard Red Winter Wheat prices for March were dn 10, to settle at 7-91 ½.

Portland prices for Club Wheat with 10 ½ % Protein was Unch, ranging from 10-50 to 13-75. Soft white wheat with 10 ½ % Protein for Feb. was Unch, ranging from 10-50 to 11-25. Hard Red Winter Wheat with 11 ½ percent Protein for Feb. were dn 21 ¼ to 16 ¼, ranging from 9-66 ½ to 9-91 ½. DNS wheat with 14 % protein, prices for March were dn 23 ¾, ranging from 10-74 ¾ to 10-87 ¾.

Live Cattle for Feb. were dn $.77 ½, closing at 138.92 ½. March Feeder cattle were dn $.42 ½, to finish the day at 169.52 ½. Feb. Class III milk was up $.32, to settle at 20.04.