Beef Production Lull Could Create Rally

This is Matt Rice with today’s Market Line Report for Wednesday. Cattle on feed seem to be shifting to lower production, which could prompt a rally in the coming months. Let’s go to Terry Roggensack with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for July closed the day up 22 ½, to finish at 10-95. July Corn was up 3 ½, to finish the day at 8-01 ½. Kansas City Hard Red Winter Wheat prices for July were up 11 ½, to settle at 11-64 ½.

Portland prices for Club Wheat with 10 ½ % Protein were Unch- dn 85, ranging from 11-00 to 11-70. Soft white wheat with 10 ½ % Protein prices for June were Unch, ranging from 11-00 to 11-37. Hard Red Winter Wheat with 11 ½ percent Protein prices for June were up 11 ½, ranging from 12-64 ½ to 12-84 ½. DNS wheat with 14 % protein, prices for June were up 10 ½, ranging from 12-68 to 13-08.

Live Cattle for June were up $.82 ½, closing at 136.25. Aug Feeder Cattle were dn $1.35 to finish the day at 173.15. May Class III milk was dn $.18 to settle at 24.64.