Cattle prices might be on a trending downfall
I’m Matt Rice with the Market Line Report for August 27th. After months of record high cattle prices, they may be on a trending downfall as we come into the fall quarter. Here’s Todd Horwitz with his thoughts from the floor of the CME.
Horwitz: “ I think this continues, we are coming into delivery. I see no reason to see anything different here, except continuing to fall in both the live cattle and feeder cattle. Again for months, they have been significantly over priced. I think what you are going to see is very similar to what happened to hogs after the PED viruses found. I think you will see a lot more of the free fall. Now again there will be dramatic rallies.”
Chicago September Wheat ended Wednesday down 5 1/4 at 491 1/2. Chicago September corn ended the day down 3 3/4 at 362 1/4. Portland prices for soft white wheat of ordinary protein for September, ended the day down 5 1/4, ranging from 5-44 ¾ to5-72 even.
Hard Red Winter wheat with 11 ½ % protein, prices for September were up 1/2, ranging from 5-46 ½ to 5-76 1/2. DNS wheat with 14 % protein, prices for September were a mixed market, up 14 1/2 & down ½, ranging from 6-01 ¼ to 6-16 1/4.October live cattle closed yesterday down 12 ½ cents, at 141. 57 1/2. October Feeder cattle were up 2 1/2 cents, at 195.77 1/2. October class III milk was down 13 cents, at 16-41.
