Consumers Fear Higher Beef Prices

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Thursday. A strong beef market has consumers cautious about spending, which could create a problem further down the road. Let’s go to Virginia McGathey with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for May closed the day Dn 9 ½, to finish at 6-82. May Corn was Dn 1, to finish the day at 6-52 ¾. Kansas City Hard Red Winter Wheat prices for May were Dn 11, to settle at 8-61 ½.

Portland prices for Club Wheat with 10 ½ % Protein was Unch to Dn 05, ranging from 7-65 to 8-10. Soft white wheat with 10 ½ % Protein prices for June were Unch, ranging from 7-50 to 7-65. Hard Red Winter Wheat with 11 ½ percent Protein prices for June were Dn 10-25, ranging from 9-77 ¾ to 9-97 ¾. DNS wheat with 14 % protein, prices for May were Dn 11, settling at 9-63 ½.

Live Cattle for June was Up $.07 ½, closing at 160.30. May Feeder Cattle were Dn $.17 ½, to finish the day at 202.10. April Class III milk was Up $.03, to settle at 18.67.