Government Shutdown Drives Beef Futures Down

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Thursday. With the Fed’s continued rate hikes, Beef prices continue to drift lower among Government shutdown fears. Let’s go to Oliver Sloup with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for Dec. closed the day Dn 9 ½, to finish at 5-79 ½. Dec. Corn was Up 3 ½, to finish the day at 4-83 ¼. Kansas City Hard Red Winter Wheat prices for Dec. were Dn 16, to settle at 6-94 ½.

Portland prices for Club Wheat with 10 ½ % Protein were Unch – Dn 10, ranging from 7-10 to 7-40. Soft White Wheat with 10 ½ % Protein prices for Nov. were Dn 5- Unch, ranging from 6-85 to 7-25. Hard Red Winter Wheat with 11 ½ percent Protein prices for Nov. were Dn 6-16, ranging from 7-24 ½ to 7-34 ½. DNS wheat with 14 % protein, prices for Nov. were Dn 10 ¾ to 15 ¾, ranging from 8-05 ¾ to 8-20 ¾.

Live Cattle for Dec. were Dn $.30, closing at 188.17 ½. Nov. Feeder Cattle were Dn $2.07 ½, to finish the day at 254.80. Oct. Class III milk was Dn $.18, to settle at 16.80.