Hot Weather Cooling The Beef Industry

This is Matt Rice with the Market Line Report for Monday, Aug. 1st. Summer is here and high temperatures are slowing demand in the beef industry. Let's check in with Greg Sanders as he goes over the weekly USDA cattle summary for July 29th.

Sanders "Cattle on feed report released last Friday, July 22nd 2016. Cattle on feed were up 1% from last year, cattle to calves on feed for the slaughter market in United States for feed lots with the capacity of 1,000 head or more. For july 1st, 2016 the inventory was 1 % above July 1st, 2015. Placements in feedlots during June, were 3% above 2015, marking some fed cattle during June were 9% above 2015 also."

Chicago Sept. Wheat prices closed last week dn 2 ½, at 409. Sept. corn ended the day up 3 ¼, at 333 ½. Portland prices for soft white wheat of Ordinary Protein for Aug. ended the day dn 8 ¼, ranging from 4-97 to 5-10. Hard Red Winter wheat with 11 ½ % protein, prices for Aug. were up 4 ¾, ranging from 4-79 ¾ to 5-09 ¾. DNS wheat with 14 % protein, prices for July were up 1 ½, ranging from 5-63 ¼ to 5-83 ¼. Aug Live Cattle were dn 25 cents, at 113.20. Aug Feeder cattle dn 42 ½ cents to close the day at 140.20. Aug. class III milk was dn 2 cents at 16-83.