Boxed Beef Prices Signal Weak Demand

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Thursday. Volatility takes another swing to the downside as boxed beef prices signal weak demand. Let’s go to Virginia McGathey with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for March closed the day Up 2 ¼, to finish at 6-33 ½. March Corn was Dn 6 ¼, to finish the day at 4-84 ¼. Kansas City Hard Red Winter Wheat prices for March were Dn 6 ¾, to settle at 6-56.

Portland prices for Club Wheat with 10 ½ % Protein were Unch, ranging from 6-95 to 7-40. Soft White Wheat with 10 ½ % Protein prices for Feb. were Up 5 - Unch, ranging from 6-90 to 7-20. Hard Red Winter Wheat with 11 ½ percent Protein prices for Feb. were Dn 6 ¾, ranging from 7-11 to 7-16. DNS wheat with 14 % protein, prices for Feb. were Dn 8 ½, ranging from 8-10 ½ to 8-15 ½.

Live Cattle for Feb. were Dn $5.42 ½, closing at 163.55. Jan. Feeder Cattle were Dn $4.55, to finish the day at 210.15. Jan. Class III milk was Up $.19, to settle at 16.99.