Marketline Report for Tuesday, January 29th
This is Bob Larson with the Market Line Report for Tuesday, Jan 29th. Cattle get a bit of boost from wholesale prices in Monday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today, the cattle market really rose a little bit. Those wholesale prices are better. They came in and kind of gave it a little bit of a boost to continue the trend higher. There's not really much expected in these cash markets till the end of the week, but the uncertainty has traders a little bit trying to balance their positions here. These frigid temperatures across the Midwest should definitely have an impact as well, so we're watching that closely. Now, the feeders did firm up actually a little bit more than live cattle so they're kind of leading the way today. The futures did turn up on expected USDA data that it's actually going to be positive which will continue the trend much further and that just tells us that optimism going forward still looks pretty good."
Chicago March Wheat prices closed yesterday dn 1 ¼ at 518
March Corn was dn ½ at 379 ¾
Portland prices for soft white wheat of Ordinary Protein for Jan ended the day unch ranging from 6-15 to 6-45 Hard Red Winter wheat with 11 ½ % protein, prices for Jan were dn 2 ¾ ranging from 6-56 ¾ to 6-66 ¾ DNS wheat with 14 % protein, prices for Jan were dn ¾ ranging from 6-59 to 6-79
Live Cattle for Feb were up $.35 at 126.47 ½ Jan Feeder cattle are up $.10 to 143.50 Jan Class III milk was dn .01 cents at 13.98
