Rally Prompts Sell Off

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Tuesday. Technical selling in the Beef Market continues despite the rise in the boxed beef prices. Let’s go to Virginia McGathey with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for March closed the day Dn 16 ¼, to finish at 5-61. March Corn was Dn 7 ¼, to finish the day at 4-75 ¼. Kansas City Hard Red Winter Wheat prices for Dec. were Dn 15, to settle at 5-96 ½.

Portland prices for Club Wheat with 10 ½ % Protein were Unch, ranging from 7-00 to 7-35. Soft White Wheat with 10 ½ % Protein prices for Feb. were Unch, ranging from 6-80 to 7-30. Hard Red Winter Wheat with 11 ½ percent Protein prices for Feb. were Dn 27 ¾, ranging from 6-51 ½ to 6-56 ½. DNS wheat with 14 % protein, prices for Feb. were Dn 28 ¼, ranging from 7-69 ¾ to 7-84 ¾.

Live Cattle for Jan. were Dn $2.15, closing at 168.82 ½. Jan. Feeder Cattle were Dn $6.52 ½, to finish the day at 212.80. Dec. Class III milk was Up $.01, to settle at 16.36.