Bearish Cattle Market

This is Matt Rice with the Market Line Report for Feb 1st. The tables have turned and just like that, the Cattle market seems to be running out of steam as traders are now facing a very bearish market. Here's Virginia McGathey from the floor of the CME in Chicago, as she spreads some more light on the topic.

McGathey "After yesterday's free fall, the market really opened and started out steady but then as the day went on it continued to drift lower. There has been some consolidation to the downside ahead of the USDA report that's coming in today, but the market was definitely over sold and I think that it halted for little bit, but sellers continued to come in."

Let's start with the Chicago markets, July wheat prices closed the day up 4 ¾, at 447. Chicago July Corn prices were up 1 ¾, to finish the day at 373 ¾. Prices in Portland for Soft White Winter Wheat of ordinary protein for July to up 5 ¼ - dn 4, ranging from 4-43 ½ to 4-62. Hard Red Winter Wheat with 11.5 % protein, future prices for May were up 4, ranging from 5-22 ¼ to 5-27 ¼. DNS Wheat with 14 % protein, prices for May were dn 2, ranging from 6-77 ½ to 6-87 ½. June Live Cattle finished the day dn 35 cents, at 104.10. May Feeder cattle were dn 82 ½ cents at 121.15. March class III milk was up 5 cents at 17-06.