Cattle Numbers Holding Firm

Cattle Numbers Holding Firm

Matt Rice
Matt Rice
I'm Matt Rice with the Market Line Report for November 24th. Cattle numbers seem to be holding firm, market demands predicted to increase as we near the holidays. Jack Scoville shares his thoughts from the floor of the CME.

Scoville- "Cattle reacting to the cattle on feed report, from last Friday. Which was considered neutral, but at least it wasn't bearish and I think the market was worried about some bearish on feed numbers and bearish placement numbers as we keep on expecting heard inventories to start increasing. Plus the cash market, once it finally got going on Friday, showed just slightly lower prices and given the price action last week I think the market was anticipating another big drop in prices paid by the packer."

Chicago December Wheat ended yesterday up 6 1/2, at 494 3/4. December corn ended yesterday up 4, at 367 1/4. Portland prices for soft white wheat of ordinary protein for Jan, we up 7 3/4, ranging from 4-97 3/4 to 5-38 even. Hard Red Winter wheat with 11 ½ % protein, prices for Nov. were up 7 1/2, ranging from 5-64 1/2 to 5-79 1/2. DNS wheat with 14 % protein, prices for Nov. were up 7, ranging from 6-26 1/2 to 6-66 1/2. Dec. live cattle closed yesterday up $1.45, at 131.15. Jan. Feeder cattle were up 70 cents, at 164.35. Dec. class III milk was dn 19 cents, at 14-58.

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