Heavy Cattle Prices

This is Matt Rice with the Market Line Report for, Aug 18th. Cattle reaching their limit for the day, prices drifting off the top. Here's Todd Horwitz to explain more from the floor of the CME in Chicago with the USDA.

Horwitz "Wednesday's livestock, mixed picture. Hogs slightly higher, cattle both live and feeder a little bit heavy today. I think what we've seen here today is a great example of how the markets actually function. We had a nice rally in cattle the last couple of weeks, and we reached an upside level on both live and feeders and now we're seeing a little bit of a sell off. I think if you look at live cattle fence, $1.12 would be a good place to step back in as long as you think we're going higher. But again, you want to see this action that we're seeing here I think is good. Feeders basis Oct. I think $1.42 is a spot to get back in again I'm not shorting here. I'm looking for opportunity to buy, I'm looking for higher prices."

Chicago Sept. Wheat prices closed yesterday up 2 ½, at 423 ½. Sept. corn ended the day up 2 ¾, at 330 ¼. Portland prices for soft white wheat of Ordinary Protein for Aug. ended the day up 11 ½ - 2, ranging from 5-05 to 5-14. Hard Red Winter wheat with 11 ½ % protein, prices for Aug. were up 7, ranging from 4-98 ¼ to 5-28 ¼. DNS wheat with 14 % protein, prices for Aug. were up 7 ¾, ranging from 6-09 ¼ to 6-24 ¼. Aug Live Cattle were dn 75 cents to finish the day at 114.75. Aug Feeder cattle were dn 40 cents to close the day at 146.50. Aug. class III milk was up a penny at 16-97.