Marketline Report for Thursday, February 28th
This is Bob Larson with the Market Line Report for Thursday, Feb 28th. Wheat futures show a bit of a rebound in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat was a little bit higher. Futures did get somewhat of a rebound since the market has declined quite a bit, almost 10 or 11 percent in the last number of sessions, but it could be short-lived, this rebound, because the export business is still weaker and that's even with a 4-percent drop in the 2018 production that we looked at. Non-commercials are still short and there is some uncertainty driving the market and so it's kind of pushing it a little bit lower. But, U.S.-China resolution would definitely be welcome in the commodities market across the board."
Chicago March Wheat prices closed yesterday up ¾ at 459 ½
March Corn was dn 2 ½ at 363 ½
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 up 1 ¼ ranging from 5-95 ½ to 6-25 ½ DNS wheat with 14 % protein, prices for Feb were dn 1 ranging from 6-54 to 6-74
Live Cattle for Feb were dn $.17 ½ at 129.30 Mar Feeder cattle are up $.42 ½ to 143.92 ½ Mar Class III milk was up cents at 15.29
