Beef Market Correction

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Thursday. Analysts suggest the Beef Market was overbought and a correction was due. 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 14, to finish at 5-83. March Corn was Dn 6, to finish the day at 4-37 ¼. Kansas City Hard Red Winter Wheat prices for May were Dn 8 ¼, to settle at 5-84.

Portland prices for Club Wheat with 10 ½ % Protein was Unch, ranging from 6-50 to 6-95. Soft white wheat with 10 ½ % Protein prices for April were Unch, ranging 6-40 to 6-65. Hard Red Winter Wheat with 11 ½ percent Protein prices for April were Dn 8 ¼, ranging from 6-44 to 6-54. DNS wheat with 14 % protein, prices for April were Dn 9, ranging from 7-38 ¾ to 7-53 ¾.

Live Cattle for April were Dn $1.10, closing at 184.00. March Feeder Cattle were Dn $.82 ½, to finish the day at 248.00. March Class III milk was Dn $.41, to settle at 17.02.