Marketline Report for Wednesday, January 30th
This is Bob Larson with the Market Line Report for Wednesday, Jan 30th. Cattle continues to move higher in Tuesday trading. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "First factor, short-term, is that the record cold in the Midwest spreading a little bit over to the plains areas. So, there's enough cattle in the eastern plains and in the northern plains that can be impacted in stressful situations. The actual production during the month of January for beef has been below expectations and that has also been providing a lot of underlying support. This factor, of course, could change over the near-term. The cattle on feed report that we missed last week likely to be released sometime soon, but we should end up with on-feed supplies on January 1st up about 2.2% from a year ago."
Chicago March Wheat prices closed yesterday dn 5 ½ at 513 ¾
March Corn was dn 2 ½ at 377 ¾
Portland prices for soft white wheat of Ordinary Protein for Jan ended the day up 20 ranging from 6-35 to 6-50 Hard Red Winter wheat with 11 ½ % protein, prices for Jan were dn 6 ½ ranging from 6-50 ¼ to 6-60 ¼ DNS wheat with 14 % protein, prices for Jan were dn 5 ¾ ranging from 6-53 ¼ to 6-73 ¼
Live Cattle for Feb were up $.07 ½ at 126.65 Jan Feeder cattle are dn $.82 ½ to 142.60 Jan Class III milk was unch cents at 13.98
