Marketline Report for Tuesday, March 5th
This is Bob Larson with the Market Line Report for Tuesday, Mar 5th. A boost in Russian crop estimates leaves uncertainty in Monday wheat trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Now, wheat was mixed today, that Russia has raised its 2019 crop estimates and that definitely was weighing on the market and so it was really pushing it a little lower. But on Friday, as you remember, we had a .15 cent rally coming into the close so today the market started a little bit lower and the market really started to come back somewhat. We're hoping that really right here at the end of the day that we're going to get a little bit of a push, but hopefully, if this trade deal comes through, that China will start to buy some of that wheat. But, if nothing happens it really becomes an anchor on the grains and sometimes it feels like wheat is what's holding corn and soybeans down as well. So, we're going to be watching closely. This deal is paramount to getting these markets on the upswing."
Chicago March Wheat prices closed yesterday dn 7 ¼ at 448 ¼
March Corn was up 1 at 365
Portland prices for soft white wheat of Ordinary Protein for Mar ended the day unch ranging from 6-05 to 6-20 Hard Red Winter wheat with 11 ½ % protein, prices for Mar were dn 1 ¾ ranging from 5-93 to 6-18 DNS wheat with 14 % protein, prices for Mar were dn 6 ¼ ranging from 6-52 to 6-72
Live Cattle for Apr were dn $1.20 at 128.47 ½ Mar Feeder cattle are dn $.02 ½ to 141.17 ½ Mar Class III milk was dn .07 cents at 15.14
