Lack of Beef Production Rallies Cattle Market

This is Matt Rice with today’s Market Line Report for Wednesday. June Cattle Futures Rallied yesterday, following news of US Beef Production declines. Let’s go to Virginia McGathey with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for May closed the day dn 42 ¾, to finish at 10-14 ¼. May Corn was dn 22 ¼, to finish the day at 7-26 ¼. Kansas City Hard Red Winter Wheat prices for May were dn 46, to settle at 10-24 ½.

Portland prices for Club Wheat with 10 ½ % Protein were dn 75 to 55, ranging from 10-25 to 12-25. Soft white wheat with 10 ½ % Protein prices for June was dn 75 to 1-01, ranging from 10-25 to 10-79. Hard Red Winter Wheat with 11 ½ percent Protein prices for June were dn 45 ¼, to settle at 11-24 ¼. DNS wheat with 14 % protein, prices for June were dn 5 ¼ to 35 ¼, to finish the day at 11-23.

Live Cattle for June were up $1.70, closing at 138.47 ½. May Feeder Cattle were up $4.32 ½ to finish the day at 169.40. May Class III milk was dn $.66 to settle at 23.50.