This is Bob Larson with the Market Line Report for Friday, Feb 8th. Weakness in the beef market as industry works off last week’s supply. From the floor of the CME in Chicago, here’s Terry Roggensack.

ROGGENSACK … “We’re still in a bull trend, but overall it looks like we’re still in need of a, at least a technical type correction. Number one factor as we had 25 deliveries on Tuesday, another 46 deliveries yesterday, and against that February futures contract. That means that futures are just trading a little bit too much above the cash market. More weakness in the beef market is possible as restaurant demand industry slowly works off the meat which was not sold into the market last week. This is a big beef demand issue.”

Chicago March Wheat prices closed yesterday dn 12 ¾ at 512 ¾

March Corn was dn 3 ½ at 376 ½

Portland prices for soft white wheat of Ordinary Protein for Feb ended the day unch ranging from 6-35 to 6-58 Hard Red Winter wheat with 11 ½ % protein, prices for Feb were dn 13 ranging from 6-51 ¼ to 6-66 ¼ DNS wheat with 14 % protein, prices for Feb were dn 8 ¾ ranging from 6-59 ½ to 6-69 ½

Live Cattle for Feb were dn $.10 at 126.40 Mar Feeder cattle are up $.07 ½ to 143.57 ½ Feb Class III milk was up .03 cents at 13.97