Cattle Futures Plummet

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Tuesday. Cattle futures plummet after USDA report comes out, reaching prices not seen since June. Let’s go to Ted Seifried with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for Dec. closed the day Up 1 ¼, to finish at 5-87 ¼. Dec. Corn was Dn 5 ¼, to finish the day at 4-90 ¼. Kansas City Hard Red Winter Wheat prices for Dec. were Up ¾, to settle at 6-70 ¾.

Portland prices for Club Wheat with 10 ½ % Protein were Unch – Dn 5, ranging from 7-00 to 7-40. Soft White Wheat with 10 ½ % Protein prices for Dec. were Unch, ranging from 6-90 to 7-35. Hard Red Winter Wheat with 11 ½ percent Protein prices for Dec. were Up ¾, ranging from 7-10 ¾ to 7-20 ¾. DNS wheat with 14 % protein, prices for Dec. were Up 7, ranging from 8-12 ¾ to 8-27 ¾.

Live Cattle for Dec. were Dn $6.27 ½, closing at 178.35. Jan. Feeder Cattle were Dn $7.35, to finish the day at 235.70. Nov. Class III milk was Dn $.29, to settle at 17.83.