Beef Production Decline

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Wednesday. An overbought Cattle Market adds pressure to the already diminishing supply, with beef production down 7.6% compared to last year. Let’s go to Terry Roggensack with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for May closed the day Dn 4, to finish at 7-96 ¾. March Corn was Dn 2 ½, to finish the day at 6-79 ¾. Kansas City Hard Red Winter Wheat prices for May were Dn 05, to settle at 8-95 ¼.

Portland prices for Club Wheat with 10 ½ % Protein was Unch – Up 10, ranging from 8-50 to 9-10. Soft white wheat with 10 ½ % Protein prices for April were Unch – Up 06, ranging 8-55 to 8-70. Hard Red Winter Wheat with 11 ½ percent Protein prices for April were Dn 05, ranging from 10-25 ¼ to 10-35 ¼. DNS wheat with 14 % protein, prices for April were Up ½, ranging from 10-08 ¾ to 10-13 ¾.

Live Cattle for April were Dn $.42 ½, closing at 164.67 ½. March Feeder Cattle were Dn $.55 to finish the day at 186.65. March Class III milk was Dn $.27, to settle at 17.74.