Beef Market Correction

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Tuesday. Traders see a bit of a of correction in the Beef Market following the Cattle On Feed Report last. Let’s go Virginia McGathey with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for May closed the day Up ¼, to finish at 5-55. May Corn was Dn 1 ½, to finish the day at 4-37 ¾. Kansas City Hard Red Winter Wheat prices for May were Dn 1, to settle at 5-89 ½.

Portland prices for Club Wheat with 10 ½ % Protein was Unch – Up 5, ranging from 5-60 to 5-90. Soft white wheat with 10 ½ % Protein prices for May were Up 20 to Unch, ranging 5-55 to 5-70. Hard Red Winter Wheat with 11 ½ percent Protein prices for June were Up ¾, ranging from 6-55 ½ to 6-65 ½. DNS wheat with 14 % protein, prices for May were Dn 1 ½, ranging from 7-49 ½ to 7-54 ½.

Live Cattle for June were Dn $1.30, closing at 181.60. May Feeder Cattle were Dn $1.15, to finish the day at 252.62 ½. April Class III milk was Up $.18, to settle at 15.75.