Hogs Steal The Show

This is Matt Rice with the Market Line Report for June 3rd. Hogs stealing show as future prices shooting through the roof after yesterday's market came to a close. Cattle on the other hand, trading was fairly uneventful, traders predicting prices to climb as we near the big bbq weekend on the 4th of July. Here's Jack Scoville explain more from the floor of the CME in Chicago.

Scoville "Hi, cattle trading higher but the big mover here today is the hog market. Hogs trading higher here today, has been the hog market. Hogs trading significantly higher based off some stronger cash values reported by the USDA. There's been a lot of demand optimism about pork and about the hogs and you're seeing that manifested and there's been some stop loss buying as well as the market moves to new highs and probably some people stopping themselves into some new positions. Cattle market a little more quiet."

Chicago July Wheat prices closed yesterday up 11 ¾, at 483. July corn ended the day up 1 ½, at 413 ¾. Portland prices for soft white wheat of 10 ½ % protein for June were up ¼ to 11 ¾, ranging from 5-34 to 5-55 ½. Hard Red Winter wheat with 11 ½ % protein, prices for June were up 8 ½ to 14 ½, ranging from 5-39 ½ to 5-54 ½. DNS wheat with 14 % protein, prices for June were up 3 ½ and, ranging from 6-12 ¼ to 6-37 ¼. June Live Cattle closed the day up 30 cents, at 121.70. Aug Feeder cattle were dn 2 ½ cents, at 146.37 ½. June class III milk was up 21 cents at, 13-08.