Live Cattle Rally

This is Matt Rice with the Market Line Report for Feb. 20th. The markets were closed yesterday for Presidents day, so we took the chance to look back at Friday's market as Live Cattle created more demand. Here's Virginia McGathey from the floor of the CME in Chicago, reporting on the Livestock Market.

McGathey "I'm Virginia McGathey here on the floor of the CME, reporting to you on the Livestock Market. Live Cattle higher today, steady bids really makes the boards look like it's very cheap and the bargain hunters really stepped in to buy. It really had a definite solid rally today and I think partially because some of the cattle producers were caught a little bit short and wanted to make their purchases ahead of this long weekend."

Starting with those Chicago markets, July wheat prices closed the day dn 5 ¼, at 470 ¼. Chicago July Corn prices were dn 5 ¼, to finish the day at 383. Prices in Portland for Soft White Winter Wheat of ordinary protein for Aug. NC were unch to up ½, ranging from 4-67 to 4-84. Hard Red Winter Wheat with 11.5 % protein, future prices for May were dn 1 ¾, ranging from 5-49 ¼ to 5-54 ¼. DNS Wheat with 14 % protein, prices for May were dn 1 ½, ranging from 6-54 ½ to 6-84 ½. June Live Cattle finished the day up $1.22 ½, at 105.17 ½. May Feeder cattle were up 67 ½ cents, at 123.25. March class III milk was dn 7 cents at 16-86.