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Volatile Beef Market
by Matt Rice, click here for bio
Program: Market Line
Date: February 24, 2017
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McGathey “I’m Virginia McGathey, here on the floor of the CME Group, reporting to you on the Livestock Market. A little bit of a mixed bag today, good news for the Live Cattle. Really extended its gains again, so the market really bounced off the lows from a couple of days ago. We really had overflow buying today, better cash prices and better wholesale prices and the beef trade and it really started to look very good. A lot of traders stepping in to get this market rolling.”
Starting with those Chicago markets, July wheat prices closed the day dn 2 ¾, at 468. Chicago July Corn prices were dn 5 ¾, to finish the day at 379 ¾. Prices in Portland for Soft White Winter Wheat of ordinary protein for Aug. NC were dn 2 to 2 ½, ranging from 4-77 to 4-82. Hard Red Winter Wheat with 11.5 % protein, future prices for May were up ¼, ranging from 5-51 ½ to 5-56 ½. DNS Wheat with 14 % protein, prices for May were up 1, ranging from 6-53 ¼ to 6-83 ¼. June Live Cattle finished the day up 35 cents, at 106.82 ½. April Feeder cattle were dn 2 ½ cents, at 12.52 ½. March class III milk was up 5 cents at 16-45.
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