Marketline Report for Wednesday, March 13th
This is Bob Larson with the Market Line Report for Wednesday, Mar 13th. Grain trading takes a bullish push in the market Tuesday. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "An update on the corn fundamentals. They are quite bullish, but boy the funds have been aggressive sellers here recently. We look for a bottom here very quickly in the corn market. Commitment to traders report as of March 5th showed managed money fund traders net short 176,000 contracts. That's up 72,000 in just one week. Again, that's through March 5th. Since March 5th open interest up near 73,000 contracts. So, the record's at 230,000, so we can't be too far from the record net-short in corn."
Chicago March Wheat prices closed yesterday up 24 at 439 ½
March Corn was up 4 at 356 ¾
Portland prices for soft white wheat of Ordinary Protein for Mar ended the day unch ranging from 5.90 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Mar were up 47 ½ ranging from 6-17 ¾ to 6-32 ¾ DNS wheat with 14 % protein, prices for Mar were up 24 ½ ranging from 6-70 ¾ to 6-85 ¾
Live Cattle for Apr were dn $2.35 at 126.35 Mar Feeder cattle are dn $1.00 to 141.30 Mar Class III milk was dn .02 cents at 14.93
