Livestock Shadowing Stock Markets

Livestock Shadowing Stock Markets

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for Feb 9th. Trade was slower in the livestock market, specifically in cattle. Cattle were limit down in both live and feeder, could be a tough week ahead. Jack Scoville goes over the details from the floor of the CME in Chicago.

Scoville- "It's been a limit down day in cattle and feeder cattle. Related to news late Friday afternoon that once the cash market did get going it got going at lower prices. That was the contrary to a lot of expectation in the trade that had expected somewhat higher prices to be paid. Volumes traded were not very large at all, the producers and the feedlots really not happy with the prices being lower especially given the tougher weather they have seen out in the Great Plains lately, but the packer really doesn't have any reason to pay up."

Chicago March Wheat ended the day dn 8 ¼, at 459 ½. March corn ended yesterday dn 3 ½, at 362 ½. Portland prices for soft white wheat of ordinary protein for Feb were dn 8 ¼, ranging from 5-22 to 5-23 ½. Hard Red Winter wheat with 11 ½ % protein, prices for Feb dn 8 ½, ranging from 5-40 ½ to 5-45 ½. DNS wheat with 14 % protein, prices for Feb were dn 5, ranging from 5-91 ¼ to 6-16 ¼. Feb Live Cattle closed the day dn $3, at 133.05. March Feeder cattle took a hit, dn $4.50 at 149.32 ½. Feb class III milk was dn 5 cents, at 13-78.

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