Cattle Overbought?

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Tuesday. Cattle continue to find demand as traders await the direction, some suggesting we’re looking at an overbought market. Let’s go to Virginia McGathey with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for July closed the day Up 3 ½, to finish at 6-33 ¾. July Corn was Up 13, to finish the day at 6-17 ¼. Kansas City Hard Red Winter Wheat prices for July were Dn 1 ¼, to settle at 7-96 ½.

Portland prices for Club Wheat with 10 ½ % Protein was Unch, ranging from 7-15 to 7-80. Soft white wheat with 10 ½ % Protein prices for Aug. were Unch, ranging from 7-05 to 7-35. Hard Red Winter Wheat with 11 ½ percent Protein prices for Aug. were Unch, ranging from 8-43 ¾ to 8-73 ¾. DNS wheat with 14 % protein, prices for Aug. were Up 2 ¼, ranging from 8-89 ¾ to 8-94 ¾.

Live Cattle for Aug. was Up $1.35, closing at 173.20. Aug. Feeder Cattle were Up $.05, to finish the day at 239.05. July Class III milk was Dn $.04, to settle at 15.93.