Marketline Report for Thursday, March 29th
This is Bob Larson with the Market Line Report for Thursday, March 29th. The cattle market bounces a little higher again Tuesday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today, cattle rebounded. It seems those bargain hunters stepped in and really got the market moving. We had a rebound, a good rebound from a sharper weekly drop and it's like heading into this long weekend the market really starts to look good. I know that we've been on the lows and there has been some put selling in the options markets, giving the market a little bit of a lift. Interestingly enough, as the feeders were rising the contract rolling was driving the rally and it's actually leading the way. And the momentum is starting to build and they're bringing the live cattle higher. Also, the open interest has been increasing as well so that's really good for some of the beef prices and certainly the futures to give that somewhat of a lift."
Chicago May Wheat prices closed yesterday dn 3 ½ at 445 ½
May Corn was dn ½ at 373 ¼
Portland prices for soft white wheat of Ordinary Protein for May ended the day up 4 ranging from 5-63 to 5-70 ½ Hard Red Winter wheat with 11 ½ % protein, prices for March were dn 3 ranging from 5-91 to 6-21 DNS wheat with 14 % protein, prices for March were dn 3 ¾ ranging from 7-04 ½ to 7-24 ½
Live Cattle for April were up $.57 ½ at 115.97 ½ March Feeder cattle are up $.55 to 135.95 March Class III milk was up $.03 cents at 14.25
