Marketline Report for Tuesday, February 26th
This is Bob Larson with the Market Line Report for Tuesday, Feb 26th. Cattle rises in Monday trading on the heels of bullish USDA reports. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today, in the live cattle market, it was rising. That bullish USDA report on Friday really gave the market a boost. The on-feed and cold-storage both came in better than expected. The cold-storage report had 20-million pounds less than last year and that really gave the market a shot in the arm. That's why you're seeing a real optimism in both the live cattle and even the feeder cattle. Feeders were higher as well. That demand continues to uptick and that's really bringing in more buyers and so the market is marching higher, still in that uptrend. It seems that late development in this cash trade on Friday really gave some support to the market this morning."
Chicago March Wheat prices closed yesterday dn 20 at 466 ¼
March Corn was dn 4 ¾ at 371
Portland prices for soft white wheat of Ordinary Protein for Feb ended the day unch ranging from 6-20 to 6-35 Hard Red Winter wheat with 11 ½ % protein, prices for Feb were dn 15 ¾ ranging from 6-00 ¼ to 6-30 ¼ DNS wheat with 14 % protein, prices for Feb were dn 11 ½ ranging from 6-53 to 6-73
Live Cattle for Feb were dn $.12 ½ at 128.45 Mar Feeder cattle are dn $.40 to 142.60 Feb Class III milk was unch cents at 13.95
