Limit Up In Cattle

This is Matt Rice with the Market Line Report for Feb 17th. Limit up prices in both live and feeder cattle today, a much needed boost for the cattle industry. Todd Horwitz shares his insight from the floor of the CME in Chicago.

Horwitz "Tuesdays Livestock, Wow. We saw markets that were creeping along in the cattle markets both live and feeder not much going on, then all of a sudden boom, up limit both. Bang, bang. I think that's interesting, because when you look at the action, because cattle came down to the level we have been looking for. We came down to $1.30, a little under in live cattle and just under $1.50 in feeders and boom we got the rush from those levels. Again, I like the space, I want to find good levels to buy. I'm going to wait now and see if we can get pullback, reload and buy again."

Chicago March Wheat ended the day up 6 ¾, at 463 ½. March corn ended the day up 4 ½, at 362 ¼. Portland prices for soft white wheat of ordinary protein for March were dn 2 1/4, ranging from 5-15 to 5-24 ¼. Hard Red Winter wheat with 11 ½ % protein, prices for Feb had a mixed market, dn 3 ½ & up ½, ranging from 5-40 ¾ to 5-50 ¾. DNS wheat with 14 % protein, prices for Feb were up 1 ½, ranging from 6-01 ½ to 6-21 ½. Feb Live Cattle closed the day up $3, at 132.95. March Feeder cattle were up rebounded up $4.47 ½, at 154.52 ½. Feb class III milk was dn 3 cents, at 13-85.