Livestock See Small Rally

I'm Matt Rice with the Market Line Report for Feb 3rd. We saw softer livestock prices today in live and feeder cattle after yesterdays market came to a close. Jack Scoville goes over the details with bubbatrading.com from the floor of the CME in Chicago.

Scoville- "Taking a look and we saw a little bit weaker prices, then we saw a little bit of a rally in the cattle markets. I don't think it's any real surprise, I think what you are seeing now is markets moving. We had the big sell off back a few weeks ago, we had the gigantic short covering rallies. We had the solid back down, and now we're getting to that spot where maybe we are going to make this up turn we have been looking for. But every time a level of resistance, which right now $1.37 in Live Cattle is a pretty good resistance area. I think you look for an area to come back to $1.32 - $1.31."

Chicago March Wheat ended the day unch, at 476 ¼. March corn ended yesterday up ½, at 372 ¾. Portland prices for soft white wheat of ordinary protein for Feb were unch, ranging from 5-23 to 5-40 ¼. Hard Red Winter wheat with 11 ½ % protein, prices for Feb dn 1 ½, ranging from 5-60 ¼ to 5-65 ¼. DNS wheat with 14 % protein, prices for Feb were up ¾, ranging from 6-00 ¾ to 6-25 ¾. Feb Live cattle closed the day 10 cents, at 135.57 1/2. March Feeder cattle were up 2 ½ cents on the day, at 157.80. Feb class III milk was up 6 cents, at 13-94.