Cheaper Feed Launches Beef Prices

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Monday. Corn fell sharply lower Friday, giving the Beef Market a chance to capitalize on cheaper feed. Let’s go to Oliver Sloup with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for Sept. closed the day Dn 16 ½, to finish at 6-51. Dec. Corn was Dn 33 ¾, to finish the day at 4-94 ¾. Kansas City Hard Red Winter Wheat prices for Dec. were Dn 1 ¼, to settle at 8-00 ¼.

Portland prices for Club Wheat with 10 ½ % Protein was Unch, ranging from 7-10 to 7-70. Soft white wheat with 10 ½ % Protein prices for Sept. were Dn 5-unch, ranging from 6-90 to 7-50. Hard Red Winter Wheat with 11 ½ percent Protein prices for Sept. were Unch, to settle at 8-45. DNS wheat with 14 % protein, prices for Sept. were Dn 8 ½, settling at 8-87.

Live Cattle for Aug. was Up $2.67 ½, closing at 177.17 ½. Aug. Feeder Cattle were Up $5.20, to finish the day at 247.57 ½. Aug. Class III milk was Up $.09, to settle at 14.86.