Inflation Caps Beef Rally
This is Matt Rice with the Ag Information Network and today’s Market Line Report for Tuesday. Inflation concerns capped yesterday’s beef rally, as lack of demand slow things down. Let’s go to Virginia McGathey with the CME Group to explain why.
Chicago Soft Red Winter Wheat prices for Sept. closed the day Dn 1 ¾, to finish at 10-63 ½. Sept. Corn was dn ½, to finish the day at 7-29. Kansas City Hard Red Winter Wheat prices for Sept. were dn 9, to settle at 11-40 ¼.
Portland prices for Club Wheat with 10 ½ % Protein were Unch, ranging from 11-00 to 11-90. Soft white wheat with 10 ½ % Protein prices for Aug were Unch, ranging from 11-20 to 11-40. Hard Red Winter Wheat with 11 ½ percent Protein prices for Aug. were Dn 9, ranging from 12-25 ¼ to 12-55 ¼. DNS wheat with 14 % protein, prices for Aug. were Dn 17 - 7, ranging from 12-61 ½ to 12-96 ½.
Live Cattle for Aug were Up $2.72 ½, closing at 136.80. Aug Feeder Cattle were Up $1.97 ½ to finish the day at 173.27 ½. Aug Class III milk was Up $.01 to settle at 24.26.
