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Bearish Cattle Market
by Matt Rice, click here for bio
Program: Market Line
Date: February 17, 2017
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McGathey “I’m Virginia McGathey here on the floor at the CME Group, reporting to you on the Livestock Market today. Cattle was a little bit lower, weak beef prices really started to add to that market, starting to push it lower and basically from the sell off on Friday. The market really tried to rebound for the last couple of days and its barely holding right now. Early in the week it tried to make somewhat of a comeback, so now trading a little bit sideways.”
Starting with those Chicago markets, July wheat prices closed the day dn 6 ¼, at 471 ½. Chicago July Corn prices were dn 4 ¾, to finish the day at 387 ¼. Prices in Portland for Soft White Winter Wheat of ordinary protein for Aug. NC were unch to dn 15, ranging from 4-67 to 4-83 ½. Hard Red Winter Wheat with 11.5 % protein, future prices for May were dn 11, ranging from 5-51 to 5-56. DNS Wheat with 14 % protein, prices for May were dn 14, ranging from 6-56 to 6-86. June Live Cattle finished the day dn 15 cents, at 104.10. May Feeder cattle were dn 27 ½ cents, at 122.32 ½. March class III milk was dn 14 cents at 16-89.
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