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Matt Rice Cattle Reacting To USDA Report
by Matt Rice, click here for bio

Program: Market Line
Date: February 14, 2017

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This is Matt Rice with the Market Line Report for Feb. 14th. The Livestock Market has been holding on as prices fluctuate after last week’s USDA report came to a close. Here’s Scott Shellady from the floor of the CME, to explain his read on the USDA report and yesterdays market.

Schellady “Really what we started off looking at here this morning was Live Cattle, yesterday’s USDA report kind of revised production a little higher. So, as you can see cattle starting to melt towards the end of the day. I think, really we didn’t have any new buyers we just peppering the market with sellers and the market just kind of started to roll over.”

Let’s start with the Chicago markets, July wheat prices closed the day up 4 at 478 ¼. Chicago July Corn prices were up ½, to finish the day at 389 ¼. Prices in Portland for Soft White Winter Wheat of ordinary protein for Aug. NC were unch to up 4 ¼, ranging from 4-67 to 4-84 ¼. Hard Red Winter Wheat with 11.5 % protein, future prices for May were up 6 ¼, ranging from 5-59 ½ to 5-64 ½. DNS Wheat with 14 % protein, prices for May were up ¼, ranging from 6-70 ½ to 7 even. June Live Cattle finished the day dn 72 ½ cents, at 103.45. May Feeder cattle were dn 82 ½ cents, at 120.95. March class III milk was dn 9 cents at 16-91.

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