Cattle and Wheat Prices Up on Tuesday

Cattle and Wheat Prices Up on Tuesday

The release of the USDA Supply and Demand Report yesterday morning stated that global grain supplies higher than anticipated and U.S. numbers came in close to average estimates. From the floor of the CME Group, here's Joe Vaclavik with more

Vaclavik: "Now moving forward here, U.S. weather I think will be there biggest factor in regard to market prices and what the market does in the future. I think that we are probably at the point here or getting very close to it that we have priced in a great deal of the bearishness when it comes to South America, when it comes to larger U.S. acreage and larger U.S. ending stocks. But the weather man still has the final say here on the yield number on the U.S. balance sheet is very important to the supply and demand situation."

Chicago May wheat prices closed the day up 4 and 1/2at 4-33 and a 1/4. Chicago May Corn prices were down 1/2 cents at 3-66 and 1/2. Portland prices for Soft White Winter Wheat of ordinary protein were unchanged to up 4 and 1/2 cents, ranging from 4-53 and 1/4 to 4-80. Hard Red Winter Wheat with 11.5 % protein, were up 4 and 1/4, ranging from 5-09 3/4 to 5-19 3/4. DNS Wheat with 14 % protein, were up 8 and 1/2 cents, ranging from 6-22 3/4 to 6-62 3/4.

June Live Cattle finished Tuesday up $1.40, at 113-70. May Feeder cattle were up $1.95, at $137.32 and half. April class III milk was up 4 cents at 15-14.

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