This is Matt Rice with the Market Line Report for Feb. 24th. Ranchers staring down a volatile beef market as prices begin to rally as we near the end of the week. Here’s Virginia McGathey from the floor of the CME in Chicago to share more on the Livestock Market.

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.