Feeder Cattle Facing Demand Issues

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Monday. Feeder Cattle finished the week battling higher feed prices, as lack of demand becomes an issue. 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 12 ¾, to finish at 9-36 ½. Sept. Corn was up 16, to finish the day at 6-82 ¾. Kansas City Hard Red Winter Wheat prices for Sept. were dn 12 ½, to settle at 9-98 ¼.

Portland prices for Club Wheat with 10 ½ % Protein were Unch, ranging from 10-75 to 11-90. Soft white wheat with 10 ½ % Protein prices for Aug were dn 10 - Unch, ranging from 10-65 to 11-40. Hard Red Winter Wheat with 11 ½ percent Protein prices for Aug. were Dn 12 ½, ranging from 10-83 ¼ to 11-13 ¼. DNS wheat with 14 % protein, prices for Aug. were Dn 9 ¼, ranging from 11-30 ½ to 11-65 ½.

Live Cattle for Aug were Dn $.50, closing at 133.37 ½. Aug Feeder Cattle were dn $2.35 to finish the day at 172.50. Aug Class III milk was dn $.55 to settle at 23.50.