Marketline Report for Thursday, March 22nd
This is Bob Larson with the Market Line Report for Thursday, March 22nd. The grain market is down, but not out Wednesday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Maybe wheat got a little bit of a spark because wheat was lower all day long. Technically, it was oversold and it was still falling. It seems that that steady downturn since March 1st just had it looking pretty bleak for a while there, but just before the close it got a little head of steam. We found some real buying and the market started to rally back and it closed very strong for a day like today where there was much lackluster trade. And so, perhaps the selling is over or maybe that the losses are over so we're hoping for that because the real support there is 440 and we were worried we might get down to it or even break through it. So, right now it looks pretty good so we'll see what happens tomorrow."
Chicago May Wheat prices closed yesterday up ½ at 454 ¼
May Corn was up ½ at 375
Portland prices for soft white wheat of Ordinary Protein for May ended the day dn 2 ½ ranging from 5-55 ½ to 5-60 Hard Red Winter wheat with 11 ½ % protein, prices for March were dn 4 ½ ranging from 5-95 ½ to 6-20 ½ DNS wheat with 14 % protein, prices for March were dn 4 ranging from 7-04 ¼ to 7-24 ¼
Live Cattle for April were dn $1.87 ½ at 117.77 ½ March Feeder cattle are dn $1.00 to 136.95 March Class III milk was dn $.07 cents at 14.21
