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Matt Rice Choppy Beef Market
by Matt Rice, click here for bio

Program: Market Line
Date: March 07, 2017

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This is Matt Rice with the Market Line Report for March 7th. Cattle struggling to find a smooth path in the beef market as choppy prices fill the board. Let’s go to Virginia McGathey from the floor of the CME in Chicago as she shares more on livestock market.

McGathey “Today we had a little bit of a mixed bag, the Live Cattle Market really drifted a little bit lower. You know, the wholesale trade just lacks long-term stability it’s very difficult to keep the market moving. The US dollar index is still really strong and it’s kind of put a cap on the prices right now. It’s just made the US products too expensive for Foreign exports and it makes it difficult for us to really move our product.”

Chicago markets, July wheat prices closed the day up 4 ¾, at 473 ½. Chicago July Corn prices were dn 1 ¾, to finish the day at 385. Prices in Portland for Soft White Winter Wheat of ordinary protein for Aug. NC were unch – up 4 ½, ranging from 4-73 to 4-86 ¾. Hard Red Winter Wheat with 11.5 % protein, future prices for Aug. NC were up 2 ¼, ranging from 5-58 ¾ to 5-73 ¾. DNS Wheat with 14 % protein, prices for June were dn 2 ¾, ranging from 6-72 ¾ to 6-77 ¾. Aug. Live Cattle finished the day dn 20 cents, at 101.77 ½. May Feeder cattle were also dn 20 cents, at 122.00. May class III milk was dn 12 cents at 15-92.

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