Marketline Report for Friday, February 1st

Marketline Report for Friday, February 1st

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Friday, Feb 1st. Demand is down for cattle in a frigid U.S. in Thursday trading. From the floor of the CME in Chicago, here's Terry Roggensack.

ROGGENSACK ... "We had a sweeping key reversal from a contract high for April cattle today. This is a very negative technical development. The market's extremely overbought and due for some kind of protection. We've seen April cattle as high as $129.47, but again with the last cash trade around the $123-$124 level. Traders feeling April's just overdone on the upside. Muddy conditions have been an impact on the supply side of the market for much of December and January and that kept weight gains down and was a supportive factor for the cattle market."

Chicago March Wheat prices closed yesterday dn 3 ¼ at 516 ¼

March Corn was dn 4 ¾ at 376

Portland prices for soft white wheat of Ordinary Protein for Jan ended the day unch ranging from 6-35 to 6-50 Hard Red Winter wheat with 11 ½ % protein, prices for Jan were dn 3 ¼ ranging from 6-49 to 6-59 DNS wheat with 14 % protein, prices for Jan were dn 1 ½ ranging from 6-55 to 6-75

Live Cattle for Feb were dn $1.35 at 125.07 ½ Jan Feeder cattle are dn $.27 ½ to 142.10 Feb Class III milk was up .02 cents at 14.05

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