Cattle Getting Back On Track

Cattle Getting Back On Track

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for May 5th. This could be a solid point to build on in the cattle market, as we see prices continue to climb. Todd Horwitz explains more from the floor of the CME in Chicago, with Bubba Trader.com.

Horwitz "Wednesday's Livestock, pretty much mixed trade. We see cattle kind of split on both sides, fats a little bit more positive, feeders positive, negatives rolling around, and of course hogs are under a little bit of pressure. I think we've seen the lows in fats and feeders, I think you want to look forward and look for opportunities to buy here. We saw a low in feeders at $1.38, trading now at $1.43. I think $1.40- $1.41 I want to step in, I think we have a much bigger rally coming."

Chicago May Wheat prices were up ¾ from yesterday, at 460. May corn ended the day dn 5, at 373. Portland prices for soft white wheat of 10 ½ % protein for May were up ½ -unch, ranging from 5-36 ¼ to 5-75. Hard Red Winter wheat with 11 ½ % protein, prices for May were up 1-2, ranging from 5-28 ¾ to 5-42 ¾. DNS wheat with 14 % protein, prices for May were up 2 ¾ - 4 ¾, ranging from 6-25 to 6-41. June Live Cattle closed the day up $1.07 ½, at 117.67 ½. May Feeder cattle were up $1.52 ½, at 145.32 ½. May class III milk was dn 2 cents at, 12-93.

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