Bullish Cattle Market

This is Matt Rice with the Market Line Report for Wed. June 29th. Cattle looking better over the day, waiting to see if demand picks up over the 4th. Let's go to Joe Vaclavik from the floor of the CME in Chicago, with the USDA livestock commentary.

Vaclavik "Cattle market here in Chicago, mostly higher here on Tuesday. We had the hog market back and forth and kind of a mixed trade, this is really kind of a wait and see type of deal. We want to see what the cash trade does, especially after these June live cattle futures go off later this week, but we saw mostly a $1.15 or $1.16 trade. Perhaps maybe a little better tone this week, but still kind of a wait and see type of deal. What type of beef demand are we going to have over the big 4th of the July weekend is also one of the bigger questions and we may see some answers early next week."

Chicago July Wheat prices closed yesterday dn 3, at 443. July corn ended the day unch, at 385 ¼. Portland prices for soft white wheat of 10 ½ % protein for July had a mixed market dn 1 and up 10, ranging from 5-02 ¼ to 5-20. Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 23-3, ranging from 4-78 ¼ to 5-03 ¼. DNS wheat with 14 % protein, prices for June were dn 1 ½ and up 3 ½, ranging from 6-15 ¼ to 6-35 ¼. Aug Live Cattle closed the day up $1.15, at 116.97 ½. Aug Feeder cattle were up 50 cents, at 140.72 ½. July class III milk was up a penny at 13-23.