Corn Rally Slows Beef Market

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Tuesday. The recent Corn rally adds pressure to the Beef Market, driving feed prices higher. Let’s go to Oliver Sloup with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for Dec. closed the day Up 53, to finish at 8-82 ¼. Dec Corn was Up 10 ¾, to finish the day at 6-91 ½. Kansas City Hard Red Winter Wheat prices for Dec. were Up 53 ¾, to settle at 9-78 ¾.

Portland prices for Club Wheat with 10 ½ % Protein were Up 15 - 30, ranging from 9-05 to 9-95. Soft White Wheat with 10 ½ % Protein prices for Dec. were Up 15 - 20, ranging from 8-98 to 9-35. Hard Red Winter Wheat with 11 ½ percent Protein prices for Dec. were Up 53 ¾ - 38 ¾, ranging from 10-98 ¾ to 11-23 ¾. DNS wheat with 14 % protein, prices for Nov. were Up 36 ¼, ranging from 10-61 ¼ to 10-81 ¼.

Live Cattle for Dec. were Dn $.52 ½, closing at 152.47 ½. Jan. Feeder Cattle were Dn $.92 ½, to finish the day at 179.45. Nov. Class III milk was Up $.26, to settle at 20.47.