Fed Rate Hikes Shake Up Market

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Thursday. Tighter supplies in the Feeder Cattle market continue to drive demand, but Fed rate hikes could put a twist on things. Here’s Virginia MgCathey with the CME Group to explain more.

Chicago Soft Red Winter Wheat prices for Sept. closed the day Dn 13 ½, to finish at 7-90 ¼. Dec Corn was Up 2 ¼, to finish the day at 6-03. Kansas City Hard Red Winter Wheat prices for Sept were Dn 15 ¼, to settle at 8-61 ¾.

Portland prices for Club Wheat with 10 ½ % Protein were Unch, ranging from 8-90 to 9-50. Soft white wheat with 10 ½ % Protein prices for Sept. were Unch, ranging from 8-90 to 9-35. Hard Red Winter Wheat with 11 ½ percent Protein prices for Sept. were Dn 15 ¼, ranging from 9-61 ¾ to 9-81 ¾. DNS wheat with 14 % protein, prices for Oct. were Dn 18 ¾, ranging from 9-80 to 10-20.

Live Cattle for Oct. were Dn $.05, closing at 142.32 ½. Sept. Feeder Cattle were Up $1.42 ½ to finish the day at 181.85. Aug Class III milk was Dn $.50 to settle at 20.67.