Livestock Market Under Pressure

Livestock Market Under Pressure

Matt Rice
Matt Rice
I'm Matt Rice with the Market Line Report for November 25th. The livestock market is seeing some stress with the holidays approaching, cattle predicted to slowly decline and hogs to clear out. Todd Horwitz shares his thoughts from the floor of the CME.

Horwitz- "Tuesdays livestock, we continue to see pressure building on cattle both live and feeder, I don't think that should be any bit of a surprise here, now that nobodys feeders have come off and now that we're into Jan. We continue to watch the market, and they continue to be under pressure and I think that's what you should expect to continue here. I think that live cattle that you continue to look anywhere to $1.33 to $1.35 if we can get any kind of rally, we should probably get one it would be a good opportunity to sell."

Chicago December Wheat ended yesterday dn 10 3/4, at 483 1/4. December corn ended yesterday dn 3, at 364 3/4. Portland prices for soft white wheat of ordinary protein for Jan, were dn 9 1/4, ranging from 4-88 1/2 to 5-38 1/2. Hard Red Winter wheat with 11 ½ % protein, prices for Nov. were dn 12, ranging from 5-52 1/2 to 5-72 1/2. DNS wheat with 14 % protein, prices for Nov. were dn 7, ranging from 6-19 1/2 to 6-59 1/2. Dec. live cattle closed yesterday dn $2.47 1/2, at 129.70. Jan. Feeder cattle were $1.50, at 163.90. Nov. class III milk was dn a penny, at 15-32.

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