Cattle Rally Slowing Down

This is Matt Rice with the Market Line Report for March 8th. Cattle falling off a 3 day rally, trending with outside markets such as Copper. Let's go to Scott Shellady from the floor of the CME in Chicago as he shares more on livestock market.

Shellady "Hi, I'm Scott Shellady here on the CME floor in Chicago, kind of getting ready to take on the rest of the week. Things are kind of quiet, especially say in the Live Cattle. We had box beef came out higher today, but it's really not following through with the Live Cattle prices, we're a little lower right now. I think that's largely to do with the fact that we do have an agricultural number number coming up this week and we also have our payrolls at the end of this week."

Chicago markets, July wheat prices closed the day dn 1 ¼, at 473. Chicago July Corn prices were dn 2 ¼, to finish the day at 383 ½. Prices in Portland for Soft White Winter Wheat of ordinary protein for Aug. NC were unch – dn ½, ranging from 4-73 to 4-86 ¼. Hard Red Winter Wheat with 11.5 % protein, future prices for Aug. NC were dn ¾, ranging from 5-58 to 5-73. DNS Wheat with 14 % protein, prices for June were dn 1 ¾, ranging from 6-71 ¼ to 6-76 ¼. Aug. Live Cattle finished the day dn 60 cents, at 101.25. May Feeder cattle were dn 30 cents, at 121.50. May class III milk was up 8 cents at 16-06.