Hogs Creating Demand

This is Matt Rice with the Market Line Report for Jan. 19th. Hog markets holding strong, creating a demand for buyers. Let's go to Todd Horwitz from the floor of the CME in Chicago to hear more on the Livestock Market.

Horwitz "Today we're going to looks at hogs and of course we all like a good BBQ, except for the guys that are getting BBQ'd as shorts are trying to sell this hog market as it continues to hold these higher levels with no relief in sight. Because really, what we're looking at is as I used to call it, "The other white meat" and the other white wheat is really in demand and it's kind of interesting. A demand that we're seeing in the hog market here because, cattle is also cheap. So why are hogs continuing to hold up here?"

Chicago markets, July wheat prices closed the day dn 1 ¾, at 460. Chicago July Corn prices were dn ¾, to finish the day at 378 ½. Prices in Portland for Soft White Winter Wheat of ordinary protein for May were dn 2 ¼ - 10 ¼, ranging from 4-46 to 4-60. Hard Red Winter Wheat with 11.5 % protein, future prices for April were up ½, ranging from 5-34 ¼ to 5-49 ¼. DNS Wheat with 14 % protein, prices for April were up 5 ¼, ranging from 6-84 to 6-89. June Live Cattle closed the day up 40 cents, at 108.97 ½. April Feeder cattle were dn 42 ½ cents, at 129.10. March class III milk was dn 16 cents at 17-30.