Cattle Testing Limits

This is Matt Rice with the Market Line Report for May 2nd. Markets shifting up nicely after yesterday's prices testing limits, producers still looking for an edge to push in more demand. Gary Kozlowski goes over the recap with Farr Financial from the floor of the CME in Chicago.

Kozlowski "Let's take a look at cattle. Production levels are still too high, we're looking at 3 ½ % over what last year's levels were. Even with the weights down, there's still a little too much slaughter that's been going on. Especially with the weaker demand because of the terrible weather that we have been experiencing here this last week and a half here or so, but we are looking for that to slowly increase. Yesterday we did see limit down on the live and feeder cattle, today we are seeing a bit of a bounce up."

Chicago May Wheat prices were up 2 ½ from last week, at 479. May corn ended the week up 3 ¼, at 391. Portland prices for soft white wheat of 10 ½ % protein for April were up 12 ½ -unch, ranging from 5-30 to 5-75. Hard Red Winter wheat with 11 ½ % protein, prices for April was up 4, ranging from 5-50 ½ to 5-35 ½. DNS wheat with 14 % protein, prices for April were up 9 ¾ - 4 ¾, ranging from 6-31 to 6-42. April Live Cattle closed the week up 25 cents, at 124.00. May Feeder cattle were dn 15 cents, at 140.07 ½. April class III milk was dn a penny at, 13-62.