Cattle Creating Buzz Nationwide

This is Matt Rice with the Market Line Report for Jan. 11th. Cattle continue to climb as live and feeder cattle leave the 20 day moving average in the dust, creating a buzz throughout producers nationwide. Here's Virginia McGathey from the floor of the CME in Chicago with more on the L ivestock Market.

McGathey "The market opened a little big higher and really started surging, Live Cattle rallied really strong again for the 2nd day in a row. Now we know there has been some tight supplies in the cash market and that basically gave it a little bit of a boost out of the gates today but then the rebalancing comes back in. Rebalancing is fund managers balancing their portfolios, a lot of the money has come out of the energy market coming across all the commodities and Live Cattle right now has really been the recipient of a lot of that."

Chicago markets, July wheat prices closed the day up ¼, at 453 ½. Chicago July Corn prices were dn 1 ½, to close the day at 371 ½. Prices in Portland for Soft White Winter Wheat of ordinary protein for May were unch – dn ¼, ranging from 4-50 to 4-61 ¾. Hard Red Winter Wheat with 11.5 % protein, future prices for April were dn ¼, ranging from 5-35 to 5-40. DNS Wheat with 14 % protein, prices for April were dn 1 ½, ranging from 6-62 to 6-77. June Live Cattle closed the day up $2.55 at 107.20. April Feeder cattle were up $4.45, at 129.00. March class III milk was up 18 cents at 17-47.