Beef Rally Despite Increased Production

This is Matt Rice with today’s Market Line Report for Friday. Short term consolidation creates rally despite increased beef production. Let’s go to Terry Roggensack with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for July closed the day dn 16 ¾, to finish at 11-04 ½. July Corn was up 5 ¾, to finish the day at 7-83 ¾. Kansas City Hard Red Winter Wheat prices for July were dn 20 ¾, to settle at 11-57 ¼.

Portland prices for Club Wheat with 10 ½ % Protein were Unch, ranging from 11-00 to 13-00. Soft white wheat with 10 ½ % Protein prices for June were Unch, ranging from 11-00 to 11-54. Hard Red Winter Wheat with 11 ½ percent Protein prices for June were dn 20 ¾, ranging from 12-57 ¼ to 12-77 ¼. DNS wheat with 14 % protein, prices for June were dn 12 ¼, ranging from 12-26 ¾ to 12-66 ¾.

Live Cattle for June were dn $.45, closing at 136.42 ½. May Feeder Cattle were dn $.17 ½ to finish the day at 161.77 ½. May Class III milk was Up $.29 to settle at 25.46.