Wheat and Cattle Markets Weaker on Friday

I’m KayDee Gilkey with the Market Line Report for April 5, 2014.

 

Friday wheat futures closed weaker due to needed rain forecasted for Southern Plains. In the livestock futures right as it opened, the lean hog futures were limit down caused the live and feeder cattle prices to be down sharply as well. On Friday USDA Grain and Livestock Market Reporter Greg Sanders gave an update on the region’s cattle markets.

 

Sanders: “Well, local feedlots started contracting more calves for fall delivery and they want certified all natural calves that they are contracting right now. Cows were quite a bit higher yesterday too and then feeder cattle were about steady to maybe a little bit firmer. Market was really good last week but except for today the futures market is really going down this morning for some reason, I think it is lead by the hogs.”

 

Chicago May Wheat ended Friday down 6 and 1/4 cents at 6-69 and 3/4. May corn ended the day up 1 and 3/4 cents at 5-01 and 3/4.

 

Portland prices for soft white wheat were steady to down 6 and 1/4 cents at mostly 7-64 and 1/2. White club wheat prices were steady to down 16 and 1/4 cents at mostly 8-16 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 10 and 1/4 cents at mostly 8-60 and 3/4. DNS wheat with 14 percent protein prices were down 9 to 29 cents at mostly 8-90 and 1/2.

 

June live cattle were down $2-57 and half on Friday at 134-80. May Feeder cattle were down $1.62 and half at 178-52 and half. May class III milk was down 74 cents at 21-96.