Inflation Creating Beef Demand Issues

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Tuesday. With inflation fears on the rise, the Beef Market takes a big hit as we start the week. Here’s Virginia McGathey with the CME Group to share more.

Chicago Soft Red Winter Wheat prices for July closed the day Up ¼, to finish at 10-71. July Corn was dn 4, to finish the day at 7-69 ¼. Kansas City Hard Red Winter Wheat prices for July were dn ¾, to settle at 11-61 ¾.

Portland prices for Club Wheat with 10 ½ % Protein were Unch, ranging from 11-00 to 11-95. Soft white wheat with 10 ½ % Protein prices for Aug were Unch, ranging from 10-75 to 11-50. Hard Red Winter Wheat with 11 ½ percent Protein prices for Aug. were Dn ½, ranging from 12-53 ¾ to 12-83 ¾. DNS wheat with 14 % protein, prices for Aug. were Dn ½, ranging from 12-91 ¾ to 13-16 ¾.

Live Cattle for Aug were Dn $2.32 ½, closing at 133.87 ½. Aug Feeder Cattle were Dn $3.15, to finish the day at 171.32 ½. Aug Class III milk was Dn $.14 to settle at 24.51.